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Pensions Regulator: We could have done more on British Steel transfers

The Pensions Regulator admits it could have done more to help British Steel Pension Scheme members understand the consequences of transferring out into defined contribution plans. In its response to the work and pensions select committee’s report into British Steel published today the regulator reflects on what it has learned from the saga. TPR says […]

Equity release a growing market for solicitors – Pru

Research from Prudential conducted among UK private client solicitors shows a growing need for advisory work in equity release. Twenty nine per cent of solicitors believe demand for legal guidance in the area of equity release will increase in the next five years and over the last two years, one in four (26 per cent) […]

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Aegon completes move of 400,000 Cofunds’ clients to new platform

Aegon has completed its technology upgrade of Cofunds’ advised customers, moving more than 400,000 clients to a new platform over the weekend. Cofunds investor portfolio service and institutional service upgraded to the new Aegon platform in December and March, respectively. Aegon chief distribution and marketing officer Mark Till says through the three upgrades more than […]

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. David Brookes 15th May 2018 at 3:29 pm

    Does this include pro Bono work which, in my opinion, is a cross subsidy because you do not get paid but it takes working hours to do?

  2. Trevor Harrington 15th May 2018 at 4:22 pm

    Cross subsidy exists in all professions and businesses with a profit motivation.

    It is impossible to eliminate cross subsidy, unless you are intending to destroy the profession, or the profit making process.

    However, “profiteering” (the concept of making fortuitous and large profit through taking unfair advantage of the buyer) is an entirely different matter.

    As far as our profession is concerned, because of the “ongoing adviser fee” or renewal commission, and the continuing weakness of “hard pre-disclosure”, there are still huge revenues being charged to the client, who is usually blissfully unaware.

    The only solution to this problem is to force all Advisers to declare their total earnings per the client on an annual basis … to the client.

    I think I am right in saying that this is coming into force this month … is it not ?

  3. Robert Milligan 15th May 2018 at 4:37 pm

    Surly SJP is completely a Subsidised Product incentives sales force, How much of the AMC of its funds are used to cover its over charging advice process. £53 Milliion last year alone!!!

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