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Rapid rise in demand for advice

Demand for financial advice is growing rapidly, with a quarter of people saying they are more in need of it now than a year ago, according to research by the Henley Centre.

The findings of the res-earch among 1,000 people, revealed at the Skandia Path-finder Forum this week, also show that 27 per cent of those asked were more likely to pay for professional advice than a year ago, with a particular increase among younger women from lower socio-economic groups.

Henley Centre director of consumer consultancy Martin Hayward told IFAs they would have to look at different markets in the future such as younger people and women.

Industry big hitters and top economists blasted the 1 per cent stakeholder cap at the conference.

Former Bank of England monetary policy committee member and Lombard Street Research managing director Professor Tim Congdon war-ned that the cap was a “price control” which would “discourage supply”.

Congdon&#39s view was backed by Gartmore chairman Paul Myners and SG Asset Management founder Nicola Horlick.

Myners said: “The Government&#39s mistake will be shown in the poor uptake of stakeholder pensions in the next 12 months. I doubt stakeholder sales will reach anything approaching the values some product providers are hoping.”


ScotProv in Abbey takeover vote

Scottish Provident members will be asked to vote at an extraordinary general meeting today to decide whether to accept Abbey National&#39s £2.1bn takeover bid.For the bid to be accepted 75 per cent of the members voting must vote in favour of it going through.Scottish Provident could confirm how many of its 440,000 members are expected […]

Lore of averages

Could you give me some advice over the level of pension saving I should be making and what life cover I should take out? “Mr Average” client sometimes asks what is the average pension contribution and level of life cover they should put in place. The usual answer we give is that there is no […]

Paymentshield frees up protection menu

Paymentshield has introduced FreeFirst, a menu-style protection plan that has three parts — accident, sickness and unemployment (ASU) cover, life & critical illness cover and buildings & contents insurance.The plan is aimed at homeowners with mortgages who need to protect their mortgage repayments in case they are unable to work or fall ill in the […]

Johnson&#39s DTI role defined

IFAs will continue to feel heat of Melanie Johnson’s stare after her move to the Department of Trade and Industry.The DTI has confirmed that Melanie Johnson will carry the title of Parliamentary Under-Secretary for Competition, Consumers and Markets. She will be responsible for consumer affairs, company law, competition policy, and overall policy on Europe.Johnson was […]

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In Focus — May 2015: private medical insurance market in Germany

Welcome to the latest edition of In Focus. In this issue, Jelf examines the private medical insurance market for employers with expatriate workforces in Germany. This includes the common challenges faced in sourcing appropriate coverage, along with a selection of available solutions. This will be of particular interest to HR/reward decision makers with employees based in Germany. It will assess the cultural norms, risks and backdrop that are relevant to organisations with expatriate staff in this location.


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