View more on these topics

Origen faces FCA pension transfer review

Exploding-Piggy-Bank-700.jpg

Aegon-owned national advice firm Origen has set aside £200,000 to cover the costs of an FCA skilled persons review into pension transfers.

Earlier this month, Money Marketing revealed Origen had been forced to stop writing enhanced transfer value business – where members are offered a transfer value in exchange for giving up their guaranteed benefits – by its parent due to concerns over the associated risks.

And it has now emerged the firm is the subject of an S166 review by the FCA following a wider thematic review, known as an S165, into ETV exercises by the regulator in 2014.

Origen’s annual report for the year ended 31 December 2014 says: “During the year, Origen participated in an industry wide S165 exercise covering large enhanced transfer value exercises.

“In January 2015, the FCA informed the company of its intentions to appoint a skilled person to review the fund recommendations made to a number of defined benefit scheme transferees.

“The scope of the work has yet to be finalised. A provision of just over £200k is included in the accounts to cover the cost of the exercise.”

The firms says it does not expect to have to pay any redress following the review.

During the year, the firm made total advice complaint provisions of £602,000, down from £747,000 in 2013.

Origen recorded a pre-tax loss of £1.13m, a significant improvement on the previous year’s loss of £5.6m.

Total income during the 12-month period rose 8.4 per cent, from £15.9m to £17.24m.

Recommended

Risk profiling cover.jpg

PI warning over adviser DFM outsourcing

Professional indemnity insurers are concerned advisers are failing to effectively risk manage their relationship with discretionary fund managers. PI broker Howden Insurance Brokers associate director Umesh Puri says as more advisers outsource to DFMs, insurers are worried there is a lack of clarity over which firm is liable in the event of a complaint. Puri says: […]

Technology-Tablet-Computer-Tech-500x320.jpg

Why having a mobile-friendly website matters

For followers of all things digital and social, Google’s announcement in April that it was expanding its use of mobile-friendliness as a ranking signal was big news. You can check your site at www.google.com/webmasters/tools/mobile-friendly/ and hopefully it will be ranked “awesome”. The effects of these changes have yet to be fully analysed by the search […]

4

Osborne to shake up housebuilding with planning reforms

Chancellor George Osborne will today unveil a raft of new measures designed to boost housebuilding by reforming the planning system. Under the new proposals, automatic planning permission would be granted on many brownfield sites in England, while major housing projects could be fast-tracked, and rules on extensions in London relaxed. The reforms would also see […]

HMRC clamps down on fund manager performance fees

The Government is clamping down on individual fund managers looking to mitigate the tax applied to their performance fees. HMRC says it is aware of fund managers claiming their funds are “investing”, rather than “trading”, with a view to linking their performance fees to the performance of the underlying funds (or “carried interest”) which is […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment