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Royal London creating second-tier advice force

Royal London is set to pilot a new direct salesforce offering pared down advice on the back of CP121&#39s proposals for a second tier of adviser.

Initially, the salesforce will be restricted to selling non-regulated products from protection to general insurance, including third-party products. But Royal London says it is awaiting the FSA&#39s depolarisation rules which it hopes will permit the salesforce to expand its range to cover savings and pensions.

It will stand alongside Royal London&#39s current 400-strong direct salesforce which advises across its regulated product range but will have a quicker and cheaper sales process, including onward referrals if required. Royal London is recruiting for the pilot scheme which starts in July.

Oliver, Wyman & Co director Carl McNicholas, who is preparing a report on secondtier advice for the ABI, says: “Our research last year identified the importance of advice across all segments. We identified an exclusion zone at the lower end of the market and the need for persuasion in saving. There is enthusiasm across the industry for solutions like this and it is important that these theories are tested.”

Royal London retail head of communication Gareth Evans says: “Evidence points to people wanting to take advice, generally face-to-face advice.

“What is needed is salesforces which are relevant and meet consumers&#39 need – if the appropriate recommendation is for a cash Isa, it makes no sense for the sales process to take two hours.”


BSA chair slams Ombudsman

BSA chairman Martin Ritchley has slammed the financial ombudsman service for a series of unjust decisions against his members.In a speech to the Building Societies Association conference in Bournemouth this week, he said: “Societies have been disappointed at the entent and the nature of the ombudsman&#39s interest in pricing decisions which at times have produced […]

CP121 proposals branded “crazy” by Fidelity

Fidelity, the UK&#39s biggest fund manager, has come out strongly against the FSA&#39s depolarisation plans, branding them “crazy” and likely to work to the detriment of consumers.In its response to the FSA&#39s consultation paper, Fidelity says proposals forcing IFAs to decide between staying as they are or switching to one of several other adviser models […]

Norwich and Peterborough – Three Year Fixed Rate Bond

Wednesday, May 8, 2002Type: High interest accountMinimum-maximum investment: £1,000-£500,000Interest rates: 5.3% gross a year, 5.18% gross a monthTerm: Three yearsOffer period: Until further noticeWithdrawal penalties: No penalty provided £1,000 remains in thebond. Otherwise 120 days’ loss of interest on amountwithdrawnTel: 0845 3002511

Regulator&#39s consultant says cost analysis is the big chance for IFAs

The FSA&#39s cost-benefit analysis is IFAs&#39 big chance to have an influence on the outcome of the review of polarisation, says the consultancy which compiled CP121.Charles River Associates principal Tim Wilsdon told the Money Marketing G80 summit the IFA sector should bombard the FSA with details of the cost to their businesses of implementing the […]

The curse of long-term cash

Trevor Greetham, Head of Multi Asset at Royal London Asset Management, reveals why clients should be seriously concerned when short-term holdings of cash turn into a long-term investment. There is nothing wrong with holding wealth in the form of cash on a short-term basis. For many people capital stability is important and access to ready cash […]


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