10 QUESTIONS THAT DEMAND ANSWERS
1: What benefits can multi-ties, product ties, white labelling or dep-olarising stakeholder products bring to consumers which the current system fails to deliver?
2: How much will any change cost to implement, who will pay for this change and by what method?
3: What possible changes to stakeholder and Isas could be made to increase the efficiency of distri-bution without requir-ing changes to the polarisation regime?
4: What evidence is there to demonstrate a new regime will increase savings levels, especially for pensions?
5: What plans are there for a full public debate before any changes are made?
6: What research has been done to gauge public understanding of the current regime and how quickly they will understand the new set-up?
7: Will a change in the regime risk increasing the incidence of misselling and misbuying and, if so, by how much?
8: Who is ultimately responsible for the decision at the FSA and the Treasury?
9: Is this decision being taken purely on competition or economic grounds, as the London Economics' report suggests, or is the consumer interest to be taken into account?
10: What damage will the options for change, that is, multi-ties, multi-product ties, gap-filling or white labelling, and depolarising Catmarked or kitemarked products do to the IFA sector over the next five to 10 years?
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DSS guide helps IFAs plug new scheme
Is stakeholder a loss leader? Its introduction is certainly not a negative for IFAs. The per-ceived threats have been turned into opportunities and now is the time for IFAs to capitalise on them.The Inland Revenue has set up a a dedicated stakeholder website at www.inlandrevenue.gov.uk/stakepension. While this in itself will not help to increase sales […]
Specialist help for IFAs
Finance marketing specialists The Insurance Marketing Department is to offer a service to help IFAs wishing to switch their business from commission to fee based. The IMD says the move comes as a result of the 1 per cent maximum charge the Government is set to impose on IFA's commission. The service will include a […]
Abbey launch stakeholder on-line
Abbey National is launching a fully automated on-line facility to enable employers to choose stakeholder pensions for their employees on the internet. Abbey say the move comes as a result of changes in pensions legislation which requires employers with five or more staff to offer pension provisions to employees from next October. Abbey's stakeholder sales […]
ABI asks IFAs to explain with-profits to public
The ABI's Raising Standards initiative is to aim its accreditation for with-profits products primarily at IFAs because its explanation of charges and deductions may prove too complicated for consumers.Life offices which do not offer the with-profits option are claiming that the quality-mark scheme will struggle to make the multi-billion-pound with-profits market transparent to consumers.The concerns […]
Quarterly Macro Insights: October 2016
Loomis Sayles senior global economist James Balfour looks at the three main macro themes evident during October: a world lacking in demand; the strength of global market performance; and the required exit from profits recession. Click here
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Advisers targeted by ambulance chasers over DB transfers
Advisers are being targeted by claims management companies offering payment for referring complaints related to defined benefit pension transfers. Capital Asset Management chief executive Alan Smith was sent a letter this month from Birkenhead-based firm Pension Justice, which claims to be a “missold pension compensation specialist”. The letter asks advisers if they have seen clients […]
Brett Davidson: When doing nothing is the best business option
Patience is an underrated skill in business. Do not fall into the trap of making decisions too quickly and regretting them later. It is important to make decisions when you run a business. Indeed, there are some situations where making any decision is better than analysis paralysis. However, there are also times when you need […]
Pressure on govt to double pension advice allowance
Aegon has called on the government to double the tax exemption for employer-arranged pension advice. A report from Aegon and the CBI in March found 56 per cent of employers think the government should extend the tax exemption for employer-provided pension advice to more than £500. Now Aegon wants to see that exemption doubled to […]
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