View more on these topics

Royal London calls on Govt to merge MAS and TPAS

Royal London is calling on the Conservative Government to merge the Money Advice Service with The Pensions Advisory Service in a bid to boost financial literacy in the UK.

Ros Altmann, who has now been appointed pensions minister, is set to investigate expanding the remit of Government-backed guidance service Pension Wise to all working people. The pledge was made prior to the general election and potentially casts doubt over the future role of MAS.

In a statement published alongside Royal London’s first quarter results, chief executive Phil Loney sets out five key priorities for Altmann.

These include introducing a “cheap and cheerful” regulated advice regime, reviewing pensions tax relief, increasing auto-enrolment contributions, legislating to make shopping around compulsory, and “consolidating the Money Advice Service and The Pension Advisory Service into a single truly excellent financial education service for all”.

The mutual’s results reveal a huge surge in sales ahead of the introduction of new pension freedoms in April this year. Total new life and pensions business was up 40 per cent year-on-year, from £988m to £1.38bn, driven by a 68 per cent rise in individual pensions sales, from £282m to £474m. Drawdown sales increased 67 per cent to £244m, while group pensions sales were up 16 per cent, from £444m to £515m.

Protection sales through intermediaries were up almost a third, from £81m to £107m, while direct-to-consumer protection sales were £5m during the quarter.

The provider’s investment arm, Royal London Asset Management, reported net new business inflows of £111m, down 88 per cent from £902m in the three months to 31 March 2014.

Gross inflows on Ascentric, the firm’s wrap platform, increased from £530.5m to £555.7m, with the pension freedoms driving an 80 per cent rise in Sipp business.

Loney says: “This is a very strong set of numbers, which comes on top of last year’s record results. In the key areas of pensions and protection we continue to increase market share. The fact that we continue to do so is a result of our investment in the quality of our product and service proposition.”

Recommended

Ed-Miliband-Labour-Conference-2012-700x450.jpg
1

Labour leader Ed Miliband resigns

Ed Miliband has resigned as Labour leader, effective following today’s VE day commemorations, after the party was hammered in the general election. Miliband’s party lost out heavily last night, retaining just a single seat in Scotland, while shadow chancellor Ed Balls lost his seat in Morley and Outwood. In a speech today, Miliband said Labour deputy […]

Altmann-Ros-2010-700x450.jpg
3

Ros Altmann confirmed as pensions minister

Prime minister David Cameron has confirmed Ros Altmann is to be pensions minister, days after she told Money Marketing she had turned down the role. Prior to the election Altmann said she would be minister responsible for consumer protection and education. She said she did not want to be pensions minister because she thought she […]

Phil Young
8

Phil Young: Passing the liability buck to advisers

Regulatory fees are rocketing and advisers are being asked to accept more risk into their business. At the same time, advisers are regarded as low risk compared to other parts of the industry. Something needs to change if the FCA is to fulfil its responsibility to encourage healthy competition among all aspects of financial services, […]

Aviva-signage-building-2013-700.jpg

Hermes poaches Aviva exec for real estate arm

Hermes Investment Management has appointed Aviva’s head of European retail funds, Philip Nell, as fund director for the company’s real estate unit, Hermes Real Estate. He will join the £6bn real estate arm on 20 July and report to to Hermes Real Estate chief executive Chris Taylor. Nell will also work as fund manager of the UK Private Rental […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. TPAS is a charity funded by donations. MAS is a part of a profligate quango funded by whatever it demands. A merger would not work, but a takeover could as long as it’s TPAS taking over MAS, then we may get value for money.

  2. Hi Ros before you merge MAS into Pension Wise please make sure that you have Treasury agreement that this expanded service will be paid for by general taxation and not result in further levies ont he financial services community. Thanks.

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