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PIA agrees guidance on endowments

The PIA has finally agreed to issue guidance to life offices requesting that they tell endowment customers looking to surrender their policy about alternative options. Following months of pressure from market-makers and MPs, the PIA said this week it will request life offices to inform endowment holders of the possibility of selling their policy on the traded endowment market. The guidance is likely to be included in the PIA&#39s regulatory update to life offices within the next few weeks.


OUTSIDE EDGE by Robert Reid

Some time ago, I spoke at a providers&#39 roadshow where the core topic was income drawdown. My slot was on the necessity of setting up a balanced portfolio when activating drawdown. This entailed me trying to convince the audience that with-profits on its own does not provide that balance. To put matters in perspective, I […]

Aon Consulting calls for immediate abolition of MFG

Aon Consulting is calling on Opra to use its administrative powers to abolish the minimum funding guarantee immediately.The call comes after Chancellor of the Exchequer Gordon Brown announced MFR was to be abolished in last week&#39s budget.Aon actuarial and benefits consulting head Donald Duval says: “The MFR has been an unqualified disaster – it has […]

Legal & General has worked hard to boost mortgages

I am responding to the “Loan arrangers in showdown” article in Money Marketing (March l). By way of background, in December 1997 my company won a contract to develop the Mortgage Decisions desktop system which is now in widespread use by agents introducing business through the Legal & General Mortgage Club. Following detailed research and […]

The tree of knowledge

“A tree is a tree. How many more do you have to look at?” So said Ronald Reagan. With only a few weeks to go before the introduction of stakeholder, the industry will be hoping for a brighter response. To what extent can educating the public circumvent the need for advice? Certainly the Financial Services […]


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