View more on these topics

RDR – Advisers to drive consultancy charging levels on corporate pensions, says Friends

Providers will give advisers a free hand to set the levels of remuneration they take under consultancy charging and will only intervene if they feel intermediaries are not treating customers fairly, says Friends Provident.

The life office says it will be for advisers, and not pension providers to decide how much can be taken out of employee and employer premiums, in negotiation with employers. But providers will compete in the way their systems allow them to handle the shapes of consultancy charges that advisers want to take.

Martin Palmer, head of corporate pensions marketing at Friends Provident says: “Consultancy charging has to be adviser-driven. We have a TCF responsibility and if the charges are stupid, and it does not become worth the member saving, then we will not be able to allow them. But other than that, it is for the adviser and the employer to decide on the level of consultancy charging deductions.

“Providers will compete on being able to match what advisers want from consultancy charges. Some might want fund-based remuneration, others may want level or initial. The pressure on providers will be how do their systems allow them to support that.”

Recommended

6

Aegon annuity sales head made redundant

Aegon head of annuity sales Mark Cardy has been made redundant while annuity development manager Jeremy Haines is looking to be redeployed after his role was also axed. Cardy will leave this month. Aegon’s annuity rates have plummeted this year. The firm says the job cuts are due to a change in strategy away from […]

Manchester BS profits plunge

Manchester Building Society’s profits fell by 71 per cent in 2009 to £700,000 from £2.4m in 2008 after it wrote off a £2.5m shareholding in disbanded network Network Data.

Training firm for lifestyle planners

Former Prestwood head of marketing Paul Armson has set up his own IFA training and marketing company, Alternative, for lifestyle financial planners.

Abe and Modi

Investment ideas to power returns

We believe the most exciting stockmarket opportunities today are in those places where a new generation of leaders are successfully transforming economies and companies in favour of investors. In a new investment guide and website, which is suitable for use with your clients, we set out our views on these reformers. Click here to find […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com