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Pass set to lend £5m for FSAVC payouts

The Pension Advisers Support Scheme expects to loan IFAs £5m to meet

compensation payments for the FSAVC review.

Similar loans for the pension review totalled £30m, according to chief

executive Mark Penton.

Pass estimates IFAs will have to pay out an average of £2,500 in

compensation for each FSAVC case but it predicts most smaller IFAs will

have to offer redress to no more than five cases.

Pass is setting up a fund which will lend money to IFAs who have to

compensate clients. The fund, designed along the lines of its pension

review loan scheme, will be available to the 4,500 IFAs on its books.

Pass is waiting for the FSA to instruct the Investors&#39 Compensation Scheme

on how to deal with the FSAVC review before it finalises plans for the fund

which it hopes will be operating by the end of the year.

The first part of Pass&#39 IFA guide to handling the review, due out at the

end of this month, will help identify which FSAVC clients are affected.

Subsequent chapters will cover mailing investors, compliance, loss and



Misys networks to recruit Colonial salesforce

Misys networks Kestrel and IFA Network plan to recruit 350 of the Colonialsalesforce franchisees left jobless after Winterthur&#39s takeover ofColonial Life.If all 350 are recruited, the number of registered individuals in theMisys stable would rise to nearly 5,000.The networks say they were inundated with calls from the franchiseesinterested in joining following the £332m takeover of […]

Sun Life of Canada to set up IFA network

Sun Life Financial of Canada is setting up an IFA network in a bid to keepits direct salesforce from leaving and becoming IFAs elsewhere.At the start of 2000, the salesforce totalled 795, down from 950 in 1999and 1,130in 1998.The future of the salesforce was thrown into doubt in April after analystssaid the Canadian parent company&#39s […]

CGU stakeholder plans won&#39t usethe &#39friendly&#39 tag

CGU is setting up a group and individual pre-stakeholder pension but isavoiding the phrase “stakeholder-friendly” because it fears it couldconfuse consumers.The company says its plan, called Your pension @ CGU, plan meets all theGovernment&#39s minimum requirements for stakeholder com- patibility in termsof its char-ging structure and flexible contribution levels.CGU believes the term stakeholder-friendly challenges issues […]

TUC pension chief backs trees

The Trades Union Congress predicts decision trees will be an effective wayof selling stakeholder pensions.The move goes against the majority view in the pension industry, whichbelieves decision trees will be confusing and lead potential stakeholdersto seek professional advice.But TUC pensions officer Joanne Segars claims there will be little roomfor one-to-one advice under stakeholder and decision […]

9 October thumbnail

Johnson Fleming set to host webinar on auditing auto-enrolment schemes

With 23 auto-enrolment compliance notices issued by the Pensions Regulator, and an evolving legislative landscape meaning previously compliant schemes may now be in breach of regulation, now is the time to think about auditing your auto-enrolment scheme. Johnson Fleming is hosting a webinar on 9 October at 11:00 on how to audit your scheme to ensure compliance, avoid breaches and fines and overcome data issues.


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