View more on these topics

Life offices offer to pay PI premium for place on panels

Standard Life, Legal & General and other big product providers are understood to be offering to pay IFAs&#39 professional indemnity insurance in order to be on their multitie panels.

Money Marketing understands that some providers are putting together additional business services to offer IFAs as a sweetener to encourage them to take the provider on to their multi-tie proposition or panel. These additional services include PI insurance and technology, which can now be funded by a provider if it is deemed to be of tangible benefit to both the IFA and the provider.

Top-level commission can look unattractive to consumers, given that there will be cost comparisons on the menu, and so offering PI insurance or technology funding is an alternative way for providers to get close to IFAs.

IFAs which have been approached by providers are thought to include Simply Biz, Group 300 and Park Row. Falcon Group chief executive Allan Rosengren says the news does not surprise him as providers must be wondering how to secure distribution.

Simply Biz founder Ken Davy says: “There are lots of discussions going on at the moment between providers and IFAs in the dash for distribution but whether this is in the best long-term business interests of IFAs and their clients has yet to be determined.”

Legal & General managing director retail distribution Duncan Crocker says: “Clearly, various conversations are going on in relation to multi-ties at the moment but none of them is advanced enough to have actually undertaken to do anything.”

Standard Life says it would not negotiate panel membership on this basis.


Product Matters

It is refreshing to be able to write about a Northern Rock two-year fixed rate as over the past month or so it has had a good few. It started with an extremely competitive rate and then for three consecutive weeks it repriced upwards each week by 10 basis points, resulting in huge volumes of […]

Analyst sees a bright future for WP bonds

Despite bad publicity surrounding with-profits bonds, a report from Datamonitor predicts a bright future for the products. However, the firm says the future of the with-profits market is in the hands of IFAs and urges them to recommend the products. Datamonitor forecasts sales to increase by 15 per cent annually to £560m by 2008 from […]

Independent view

Advising on socially-responsible investment is an area of expertise that Charcol Holden Meehan has prided itself on for many years. It was about 16 years ago that the firm started to research SRI. Interestingly, this was as a result of clients asking if their money could be invested ethically. They had received unit statements detailing […]

New chief executive for the Financial Services Skills Council

The Financial Services Skills Council has appointed Teresa Sayers as its new chief executive. Sayers has been working as managing director for the FSSC since 2003 and was instrumental in the council being awarded its license from the government. The FSSC is now licensed to work in partnership with employers and trade unions to provide […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm