HSBC has launched a pension fund designed to meet the requirements of Shariah law that does not hold shares in companies primarily involved in alcohol production or distribution, gambling, pornography, pork and tobacco products. The fund, which HSBC says is aimed at the UK's 2m Muslims, is only available for occupational schemes.
IFAs have questioned whether with-profits policies can survive changes in the regulatory regime. Thomson's Group head of research Andrew Miles doubts whether the black box which he says with-profits depends on can be sustained in the light of the regulatory demands for transparency. The IFA believes there is still a need for WP products because […]
Insurers say they are increasingly worried that the FSA intends to apply the RU64 requirements to Sandler-style products, a “significant disincentive” which would require IFAs to justify every non-Sandler product recommendation. Members of the ABI's regulation and distribution committee are concerned that despite FSA assurances that RU64 would not be in the Sandler sales regime, […]
New Star looks to have another winner with its excellent property unit trust. The fund is run by two top managers, Andrew Hicks of Capital Counties, who is responsible for direct investments in commercial property, and Robin White of Liberty International Asset Management, who manages the property share portfolio. The fund has attracted large amounts […]
Equitable Life is stabilising and looking at options to improve policyholders' fortunes, says chief executive Charles Thomson. In an interview with Money Marketing, Thomson says the strategic review announced as part of its full-year results will look at all the options says the company is prepared to restructure parts or all of the business to […]
It has taken a little longer than expected, but finally the jaws of regulation are closing on those employers who have failed to meet their auto-enrolment (AE) legal duties.
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Cofunds’ advised clients will move to the new Aegon platform over the first May Bank Holiday, with the new platform expected to be up and running by 8 May, Aegon has confirmed. Aegon completed the first stage of moving Cofunds customers onto its new combined platform in December, transferring 79,000 non-advised investor portfolio service customers […]
Columbia Threadneedle Investments is calling for auto-enrolment into drawdown funds for people nearing retirement. According to research by the asset manager, people planning their retirement are confused about how they will convert their pensions savings into income, how much they might need in retirement and how long their savings might last. The firm said that […]
Unintended consequences of the pension reforms could further affect access to advice, ultimately derailing consumer freedom and choice. There is already evidence professional indemnity insurers are beginning to withdraw cover or harden terms for advisers associated with defined benefit transfers. But this is not a failure of PII. It is a more fundamental system failure, […]