Fidelity's executive director Paul Kafka is joining the London Stock Exchange as director of corporate communications and public policy in August. He is being replaced by Joerg Moberg, who joined Fidelity in 1999 as director of corporate communications in Frankfurt before becoming director of IFA sales in Germany in 2001.
Fixed term: Until August 1, 2006 Fixed rate: 4.94% Minimum loan: £25,000 Maximum loan: Up to 95% of valuation subject to a maximum of £350,000 Income multiples: Up to 95% of valuation - up to 3.5 times principal income plus second or 2.75 times joint, up to 90% of valuation - up to 90% of […]
The industry has largely endorsed the FSA's update report “Building Financial Capability in the UK”. The ABI has confirmed its dedication to improving people's financial knowledge and IMA says aiding people's understanding in investment is key to this strategy. The AITC is also supportive of the FSA's financial education strategy but warns that adequate resources […]
Equitable Life is increasing pressure on the Parliamentary Ombudsman for a fresh investigation into maladministration by the Government in the period before the FSA took over regulation of the industry. Chairman Vanni Treves told policyholders at the AGM that Parliamentary Ombudsman Ann Abraham is the best chance of compensation because she is not required to […]
There are two European directives which potentially affect IFAs in the area of PI. The insurance mediation directive and the markets in financial instruments directive. The IMD covers insurance business and the Mifid covers investment advice. The IMD requires all intermediaries to have cover of euro1.5 million from January next year. The text is inflexible […]
Research from Jelf Employee Benefits and retirement workshops specialist LaterLife Learning shows that one in two employers could offer their older workers greater remuneration flexibility so that they can benefit from the new Freedom of Pensions rules.
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The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]
The Liberal Democrats have branded the government’s decision to delay a pot follows member pension system “incompetent”. The Liberal Democrat spokesman for work and pensions Stephen Lloyd MP says the move by pensions minister Guy Opperman shows how “rudderless” the current government is on pensions policy. Last October Opperman suggested the pot follows member initiative […]
Putting the right people off transferring at the outset will be hugely valuable to the industry but there are issues to address A combination of pension freedoms and the economic circumstances giving rise to historically high transfer values has created a perfect storm in terms of demand for defined benefit transfer advice. Sadly, it has […]