Lutine is offering a pension term assurance product with full indemnity commission to IFAs which it claims is an industry first.The move is part of Lutine’s move away from niche protection towards the mainstream market. The Lloyd’s of London syndicate offers PTA as a switch option for customers on an ordinary term life product brokered through Hargreaves Lansdown. The new PTA product is being launched on October 9 and will be available through The Exchange portal. Maximum sum assured is £300,000 and the maximum age the product can be attained is 50. Minimum premium is £5 a month. Lutine says it will use streamlined underwriting to process applications. The company will pay indemnity commission of 170 per cent of the first year’s annualised premium with renewal commission of 2.5 per cent payable after four years. Managing director Jon Clarke says: “This product will bring us into the mainstream market. We decided it was necessary to offer both fee-based and indemnity commission for greater flexibility and to appeal to more IFAs.” CBK principal Peter Chadborn says: “This is a break from the mould for a Lloyd’s of London syndicate and marks a real change in direction for Lutine towards the mass market.”
Misys chief executive and director Kevin Lomax has quit ahead of the AGM this week. There has been strong criticism from shareholders after Lomax led a failed MBO bid, with reports that several institutional shareholders were going to vote against his reappointment to the board. Chairman Sir Dominic Cadbury will take on his responsibilities until […]
Nine tenths of workers approaching retirement are in danger of burning through they savings well before they die, according to new pensions research from Fidelity International.
The Bank of England has decided to hold interest rates at 4.75 per cent for the second month in a row.It follows the decision in August to raise the base rate by 0.25 per cent from the 4.5 per cent figure which had stood for a year.Abbey chief economist Barry Naisbitt says: “It is widely […]
Network Data has more than tripled profits for the first half of this year to 880,000 from 268,000 in the same period last year.
James Dowey, Investment Director, Chief Economist China and Japan have both performed strongly so far this year, while the UK and Europe are going through periods of political uncertainty. In contrast, the US has experienced a temporary soft patch, but the lower oil price is proving to be a boon for consumers. How do these […]
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