View more on these topics

Saltr shakers must ensure they cover all the industry

The insurance industry appears to think its problems are so entrenched it has had to bring two figures from outside to headits own accreditation project.

Sir Michael Bett, from the telecoms industry, and John Cox, from the chemical industry, are to become respectively chairman and chief executive of the Pensions, Protection and Investments Accreditation Board.

This will oversee the implementation of Saltr – the Savings and Long Term Risk initiative. What Saltr amounts to in simple language is the insurance industry putting its own house in order to lay to rest some of the ghosts of the pension review.

But IFAs have voiced concerns that the project will do more harm than good. They are much less able to shoulder the financial burden than bigger operations and they see some details, such as the two-month cooling-off period, as an over-reaction.

There is nothing wrong with Saltr in principle but we might ask why at least one appointment was not a respected figure who knows the insurance industry already.

Nevertheless we wish the two gentlemen well in what is a difficult challenge. But two pieces of advice.

The first is if the project is associated with only one part of the insurance industry, to pick an example at random, tied life offices, it is doomed to fail.

The second is that simply declaring the whole industry backs the project is not enough, when half the life offices – at least in private – and many IFAs are expressing profound doubts.

Saltr can succeed but only if it wins the confidence of all the industry.

Recommended

Martin Gilbert

Martin Gilbert seems slightly embarrassed about winning the Scottish Financial Entrepreneur of the Year award. With qualification for the UK finals and the possibility of a place at the global business Oscars next May, he is getting recognition as an innovator.The Aberdeen Asset management chief executive is no stranger to awards. Last year alone, Aberdeen […]

Tied agents are seeing the light

Increasing numbers of tied agents appear to be keen to reinvent themselves as IFAs and the networks are scrambling to snap up the converts.But what does it take to make an IFA out of a tied salesman? And why are so many making the move?Statistics certainly bear out the mass exodus from tied salesforces and […]

Greatminster Group calls in the receivers

IFA networks M&E and Interdependence have escaped the fate of their former backer Greatminster which has gone intovoluntary receivership.The networks underwentan MBO in May for £17m.M&E chairman Barry Kayes says underwriter Greatminster Group sold its majority shareholding in the two networks&#39 owner Tenet to save itself ina cash crisis.But Greatminster went into receivership earlier this […]

Technology funds sales plunge says AUTIF

Sales of technology stocks have plunged due to the recent market volatility according to AUTIF. In May, tech funds attracted £165m in new investment, the lowest since October last year when only £62m of new funds were sold. Sales of tech investments reached a peak in March, when £816m worth of funds were sold. This […]

Partied out and penniless

December has left me destitute. My piggy bank lies broken and empty, my lunchtime meal deal feels like an extravagant expense and I’m down to the Bountys in my box of Celebrations. But I won’t mourn my dearly departed pennies. Between buying gifts for loved ones (then deciding to keep them for myself) to treating […]

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