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Legal & General urges Smith to speed reform

Legal & General has written to Andrew Smith, the new Secretary of State for Work and Pensions, outlining the steps it feels he needs to take in order to complete the reform of pension policy.

The company hopes that Smith will act quickly to push through reform.

It has put forward a four-point plan, including greater incentives to individuals to save through pensions, cutting out red tape for employers which are often required to deal with the admin of pension schemes, recognition of employers deemed “pension friendly” and lighter regulation of IFAs advising on pension schemes.

L&G says Darling did well to create an infrastructure for pension policy but failed to convince more people to save through pensions. It says it will be up to Smith to complete the job and believes its four points will go a long way to achieving that.

It repeated the call for the Government to contribute £50 for every £100 saved through stakeholder for the next two years to kickstart a savings habit. L&G published this proposal when the ABI published the first-year stakeholder figures in April which were greeted negatively by many in the industry.

Pensions strategy director Adrian Boulding says: “The incoming Secretary of State has to complete the job and he has no small job ahead of him. Our four-point plan aims to help him along the way.”


Watchdog puts IFAs in PI predicament

The Financial Services Ombudsman is asking IFAs to forego a legitimate defence to claims brought against them which could see them invalidating their professional indemnity cover. A recent court decision tightened the time limit for consumers bringing cases against IFAs but the ombudsman has requested that advisers let cases continue even though they could get […]

Aon Consulting – The Aon Sipp

Friday, 14 June 2002 Type: Full Sipp Minimum investment: £1 Investment choice: All Inland Revenue permitted investments Administrator: Aon Consulting Charges: Initial £500, annual £500 Commission: Subject to negotiation Tel: 020 8970 4614

Brokers opt for Cemap over Maq

Only 10 per cent of brokers want to take the mortgage advice qualification while 25 per cent prefer the rival Cemap exam, says specialist lender Sun Bank. Most of the 100 brokers questioned who had a preference on which exam to take to meet the MCCB&#39s minimum qualification standard chose the Institute of Financial Services&#39 […]

Invesco warning to review portfolios

Invesco Perpetual believes investors are not reviewing their portfolios often enough and says IFAs should encourage their clients to look again at their investments. It says too many people take out their Isa allowance at the last minute without taking into account how it fits in with their overall portfolio. The company believes that leaving […]


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