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Poor take-up has softened Lifetime blow, claims Tenet

Tenet says its business would have been hit a lot harder by Lifetime’s restructure if take-up of the platform had been stronger.

Group chief executive Simon Hudson says the platform has taken much less money than the £40m or £50m he would have predicted.

Norwich Union is undergoing a very public repair job to Lifetime following its move from Cambridge to York and has recently announced its closure to new business.

Lifetime was the first of the platforms that Tenet selected to be offered through its wrap proposition Clear, which launched at the end of 2005.

Clear is a series of risk-modelling tools and educational aids on wrap and platform. The panel of platforms includes Standard Life, Cofunds and FundsNetwork, with Lifetime proving to be the least popular of the offerings.

Hudson says: “We are supposed to be encouraging a move towards being these new model advisers, away from commission and towards fees, but it has not been as effective as we would have liked.

“Clearly, the platform is having its problems but, as it happens, we have not really been affected anyway. There are only a couple of million pounds on there whereas we would have thought there would be around £40m or £50m by now, if it had been used as heavily as we would have thought.

“There are alternatives being offered through Clear, so their loss is the gain of those other platforms.”


Hips revisions slammed by industry

Ministers were accused of exacerbating the “chaotic” situation surrounding home information packs after revised regulations were released yesterday by the Department of Communities and Local Government.The National Association of Estate Agents says the revisions are confusing and called the proposals “ill-thought out”.The Government has confirmed that there will be three stages for the implementation of […]

Peter Hales joins Skipton board

Peter Hales has joined the board of Skipton Building Society as a non-executive director. Hales was previously sales and marketing director at Norwich Union and chaired the Chartered Insurance Institute’s faculty of life and pensions. He also sits on the board of Just Retirement and is a member of the Accenture insurance advisory board. Hales […]

Protection moving online

The vast majority of protection policies are now written online, according to Royal Liver.Research by the firm among 567 advisers shows 90 per cent prefer internet-based applications. IFA market manager Andy Milburn says online facilities make sense for advisers writing protection alongside mortgages, as most mortgage business is conducted on the web.He says: “Providers offering […]

Single signals

Many partners are being left high and dry without a joint-life annuity.


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