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PIA expels defaulted IFA firm

The FSA is consulting the industry on proposals to regulate the disclosure of information of the open market option for annuities and endowment policies.

As revealed in Money Marketing, the regulator plans to make it mandatory for policyholders to be informed of the option to purchase an annuity from a provider other than their pension provider.

If the proposals are accepted, it will also compel endowment providers to tell policyholders of the option to sell their policy on the Teps market rather than simply surrender it to the life office.

The deadline for response to the consultation is October 31.


Still confusion over Equitable

The recent letter from Martin Brook (Money Marketing, August 9) demonstrates that even now confusion reigns over Equitable Life. My own conversations with Equitable place an entirely different interpretation on the application of the 16 per cent reduction. I am told that, while the reduction is indeed applied to the non-guaranteed fund, it is actually […]

Skipton buys into protection specialist

Skipton Building Society has hit the acquisition trail again, buying a £4.1m majority shareholding in protection IFA Direct Life & Pensions Services. In its first foray into the specialist IFA sector, Skipton says it has acquired DLPS with a eye to entering the stakeholder market and using its advanced internet technology across its 12 other […]

Time is on your side

Last week, heading towards the end of this series of art-icles on key aspects of pension drawdown, I illustrated the tolerance to interest rate reductions within drawdown contracts. This showed that, given a stable residual investment fund, the eventual annuity which may be purchased by each £1,000 may remain stable or even increase beyond the […]

25 days to issue a cheque

Is big beautiful? I have just been told by Scottish Widows that, in connection with an external transfer into income drawdown with another provider, they are currently taking 25, yes 25, working days to issue a cheque. Let us hope that the transfer takes place before I have to deal with his widow. David RawleDavid […]


Out from the long grass? An IT and NI merger

Those with a long memory will recall that at the start of the last parliamentary term George Osborne announced his intention to merge income tax (IT) and national insurance (NI).  Headline grabbing as the initiative was, the reality of the complexities, challenges and costs of such a move resulted in this idea being kicked into the political long grass.


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