View more on these topics

Rubbish data in, rubbish data out

The problem with life offices&#39 TVAS reports is not the TVA systems that the life offices use but the data that they put into them. It is a case of rubbish in, rubbish out,I&#39m afraid.

Those responsible for the data, or at least checking it&#39s within the bounds of common sense – which means not only the IFA but also the people at the life office they rely on to input the data and understand the TVAS information requirements – too often fall short.

Life offices rarely question the information they&#39re given and do not seem to know what additional questions they should be asking to make the TVA is right, in my experience.

The result is a serious risk of misfounded pension transfer advice. That&#39s the benefit if using a specialist TVA provider. But, G60 or not, if people do not realise that the right questions haven&#39t been asked, they probably don&#39t realise that they shouldn&#39t be advising on pension transfers anyway.

Stephen Bridges

Consulting actuary, Surrey

Recommended

IFAs are getting the message as Emx expands

Emx is expanding rapidly into the IFA life and pension markets and has signed up over 30 companies to its electronic transaction service this year. The latest big provider names to sign up include Abbey Wrap, GE Pensions, James Hay, Winterthur Life, Zurich and Allied Dunbar. A number of IFAs, including Positive Solutions, Duncan Lawrie […]

A tough Act to follow

A change to a Government minister with a pensions brief is a significant event for our industry. Sometimes there is a collective sigh of relief, such as when Helen Liddell moved on after earning a reputation as the scourge of the industry by naming and shaming companies she thought were dragging their heels over the […]

Is it any wonder that no one wants a pension today?

And so we have the Turner report, this time on the retirement savings gap, which the government seems now to have increased from £27bn to £57bn. It would be interesting to know how the Government or its appointed agencies are coming up with these vast figures and also why there&#39s such a vast difference between […]

Out of context

•”If people continue to get divorced, quite frankly, it&#39s good business for us.” – Countrywide chief executive Harry Hill. •”How nice it has been to sit at the head table with the cast of Last of the Summer Wine.” – Guest speaker Radio 4&#39s Garry Richardson at The Mortgage Event gala dinner. •”Try and pin […]

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