Ivan Massow says he advised free-standing AVCs to gay clients in the late 1980s and early 1990s because it was the only way to ensure money was passed to their partners.He says FSAVCs had to be used as there was a risk that pension trustees would not pay out AVCs to gay partners and dependants if the policyhol-der died. Massow says only one prov-ider paid out a lump sum to any of his gay clients’ partners and that was only because the dependent was a bedridden 90-year-old. In contrast, FSAVCs could be manipulated to allow benefits to be passed to a gay partner. Also, if a client became HIV positive, assets could be converted into a personal pension environment, releasing a lump sum, provided you could prove to the Inland Revenue you had less than a year to live.
The Chartered Insurance Institute is criticising the FSA for its proposals in CP 05/10 to remove customer controlled functions from the regulatory regime. The CII is stressing the importance of direct regulation of all individuals dealing with customers, rather than just senior personnel. The FSA is calling for the abolition of customer controlled functions when […]
Following the recent depolarisation of the advice market, Sonia Speedy explores the potential pitfalls facing advisers and examines whether fears about the creation of IFA orphans are justified
Standard Life’s board has given the green light to demutualisation and the campaign for the yes vote is now officially under way.
This week by Tim Webb, a business reporter covering energy for the Independent on Sunday
Cormac Weldon reviews the first year of Artemis’ initial three US funds, and where he sees things going from here. Click here to read full article
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Fighting over those in financial services, rather than garnering interest from outside it, is asking for trouble When you ask the owner of an advice firm what concerns them most, they respond with one of two answers: regulatory change and recruitment. For once, I am going to talk about the latter. Here are the main problems as […]
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