Liverpool Victoria has set up an online processing system for its flexible protection plan, known as “Mimi”.The revised system allows IFAs to select life, criticalillness, mortgage payment protection and income protection cover using one online application. Advisers can get instant acceptances and track policies completed through the system. It also enables advisers to produce illustrations and review previous business. The objective behind the launch is to ensure a more efficient service for advisers, enabling them to get quicker decisions for clients. Liverpool Vic will back the system with a phone-based team capable of contacting clients directly, reducing the need for GP reports. The system offers two options – a short and a normal form. The short form requires basic information and takes around 10 minutes to complete before being passed to a phone interviewer to complete the rest of the form. The normal route offers IFAs a 10 per cent commission uplift for completing all the information themselves on behalf of their clients. Director (intermediary business) Stuart Tragheim says: “Our new STP system demonstrates our commitment to making the life of the adviser easier. Any technology that can be put in place to speed up policy applications is a positive step and the ease and breadth of choice of cover available through the mimi flexible protection plan means advisers can find quick and individual solutions to their clients’ needs.” Main Points l Wholesale and retail regulation should be split, with a further split between the regulation of advisers and product providers l Caveat emptor should play a wider role in retail financial services l A review of the role of IFAs in the community and their positive impact upon the UK is required l FSCS should be replaced with an insurance fund paid for by redirection of PI payments and product levies l FOS should be dismantled and replaced by a number of tribunals made up equally of advisers and consumers l Remuneration is a matter for adults and should not descend into a simplistic fees v commission debate. Method of payment is no guarantee of quality l Product and commission bias not sustainable in an industry that relies on personal referrals and repeat business
The Tories have attacked the Government’s response to the public administration committee’s damning assessment of its treatment of victims of occupational pension collapses, branding it a ‘disgrace’.Pensions minister James Purnell this week ruled out any more help for the estimated 125,000 people who lost their pensions when schemes collapsed before the introduction of the Pension […]
Standard Bank Offshore has brought out a structured product that is linked to an equally weighted basket of commodities for a four-year term.
First State is set to commence the offer period for the First State Indian subcontinent fund on November 1.The fund will be a sub fund of the First State ICVC (UK registered Oeic) and will be managed by First State senior portfolio manager, Asia Pacific ex-Japan equities, Vijay Tohani.The fund is an extension of the […]
Fidelity has added a distribution fund to its range of multi-manager funds.
The Fidelity multi-manager distribution fund provides diversification in terms of asset class and underlying manager.
Neil Jones is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. A trust can offer significant advantages when an individual is […]
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Another investment manager offering enterprise investment schemes has alerted clients of a 10 per cent drop in value for one of its portfolios following new Mifid rules. Mifid II, which came into force on 3 January, requires firms to notify clients when the overall value of their portfolio, relative to its value at the beginning of each reporting […]
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