Norwich Union is to offer IFAs 5 per cent flat initial commission for all single-premium investments in four funds. NU will offer the commission for investments in the Norwich active protector fund, Norwich UK ethical fund, Norwich distribution fund, and Norwich managed high-income fund. The offer will apply to Oeic, Isa and Isa transfer business from February 28 to July 1.
ABI proposals for indemnity commission to be scrappedhave been attacked by Aifa as being a knee-jerk reaction to the Treasury select committee’s criticism of commission. Research carried out for the ABI by Charles River Associates calls for the abolition of indemnity commission, production of annual commission statements for consumers and an equalisation of commission levels […]
Chelsea Building Society
Self-Cert Two Year Discount Mortgage
Gross mortgage lending fell in January to 17.9bn, says the Council of Mortgage Lenders in its latest survey.
The Personal Finance Society says its generic advice pilot scheme is working and has blamed difficulties on the Citizen’s Advice Bureaux. Director of public affairs John Ellis says the PFS has thrown its weight behind the scheme but stands by claims that getting advisers to do pro bono work has been a problem. He says […]
Jennifer Gilchrist Proposition Lead – Design, Royal London When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that way because before the arrival of RDR in 2013, that’s more […]
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The FCA cancelled the authorisations of more than 200 firms last year for failing to meet “basic regulatory requirements” like paying their fees or filling out regulatory returns. The regulator revealed the figure in an update today, that its Threshold Conditions Team took enforcement action against at least 207 firms for failing such compliance failings […]
Royal London chief executive Phil Loney has said that mandatory advice on drawdown could be a “potential solution” to problems in the market as he hits out at how providers treat non-advised clients. Speaking with Money Marketing, Loney said that the company was worried about how customers in the back books of long-established pension companies […]
Pimco has warned the FCA a review of the scope of products and investors affected by Libor is needed as the regulator calls for the end of the benchmark. In July, FCA chief executive Andrew Bailey said Libor could be phased out by the end of 2021 and that authorities were working on several alternatives to […]