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Salaries soar for life office salespeople

Salaries among life insurance offices’ intermediary salespeople have soared by more than 21 per cent in the past three years.

First line sales managers (or team leaders) and national account managers have had the biggest salary rises of 46 per cent and 61 per cent respectively, according to research by recruitment firm Paul Harper Search & Selection.

The industry appears to be moving away from commission-based remuneration, with basic salaries now making up over half of the sector’s total pay package.

Since 2001, broker consultants have seen their total remuneration increase by 15.9 per cent to 61,200.

First line sales managers have seen similar growth, with total pay and commission up by 15 per cent to 75,000 over the same period. Second line sales managers, who generally cover regions, are now taking home over 100,000 in total, 18 per cent up on three years ago.

Principal consultant Paul Harper says: “In 2001, 52.4 per cent of the average broker consultant’s total remuneration was achieved through bon-uses. In 2004, bonuses now equate to just 49.6 per cent.”


ABI welcomes FSA depolarisation rules

The Association of British Insurers welcomes the announcent from the FSA on depoplarisation rules.ABI head of life and pensions Chris Kenny says: “This is an important change. The industry has been working hard to make it a success and will continue to do so.”

Halifax comments on depolarisation

Halifax press officer Paul Fincham says: “Halifax will continue to offer its own products through Halifax advisers in Halifax and Bank of Scotland branches. Where our product range can be improved by offering another provider’s products we may consider doing this, but only if the products can offer our customers the best possible value.”

Retirement - thumbnail

Pension freedoms: stop the scams

At the beginning of 2015, we highlighted that the new pension freedoms that come fully online on 6 April also represent a very attractive opportunity for the criminal fraternity to scam savers out of some, or all, of their accumulated retirement savings.


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