Legal & General is warning that Norwich Union’s NPSS alternative could expose consumers to financial risk.At a summit in London last week launching the Government consultation into the Pensions White Paper’s proposals, L&G pensions strategy director Adrian Boulding said NU provided little clarity on how it would ensure that contributing to a pension was in a consumer’s best interests. Boulding said: “How does NU hope to help consumers make the decision whether to join or not or whether it would be best to consolidate debts, put money towards life insurance or income protection for the family?” NU head of pensions strategy Graham Vidler said concerns regarding commun-ication with consumers would be addressed in the second phase of the firm’s work. He said: “This would be phase two work for us at the moment. What I would say is that it should not be about saving for pensions or this of that. It should be about saving for a pension and something else.” Minister for pensions reform James Purnell said there were many unanswered ques- tions regarding personal accounts. The Government hopes to reach the next phase of the consultation by the autumn.
GE Money Home Lending brand First National is moving into prime mortgages with a pilot with three intermediaries – Pink Home Loans, Abacus Permanent and Optoma Broker Solutions.
Do you agree with Simon Hudson’s view that IFAs are writing half as many cases but these are now double the size compared with five years ago? Yes: 25%No: 75% No “I don’t think I do. It is not really the case for me, other than the fact that most clients are middle-high to high-net-worth […]
Treasury Economic Secretary Ed Balls has hit out at the advice sector, claiming it is as big a challenge ensuring that adv- isers educate themselves about industry developments as it is to educate the public. Speaking at an ABI Parliamentary reception in London last week, Balls said when it comes to financial education, making sure […]
Proposed amendments to the Finance Bill could widen the number of cases benefiting from the IPDI exclusion
By Douglas Turnbull, Head of Chinese Equities After rallying around 150 per cent since the middle of 2014, mainland China’s ‘A Share’ market has corrected almost 35 per cent since mid-June.* Douglas Turnbull, manager of the Neptune China and Neptune Greater China Income funds, looks at the reasons behind this recent volatility… Click here to […]
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
Fiducia managing director on ‘good old-fashioned’ customer service in the digital world Anthony Scott is adept in the art of communication. As an adviser and a novelist (he has written the novels ‘On Ashover Hill’ and ‘The Birthday Gift’) it is crucial for the Fiducia Group managing director to engage and build a rapport with […]
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 […]