View more on these topics

Sandler reveals review moves to push savings

Ron Sandler has signalled that increasing savings will become a major goal of his review.

Speaking at Aifa&#39s annual dinner in London last week, Sandler said this was in line with Treasury thinking.

The review&#39s initial consultation focused on market efficiency and commission.

Sandler said he accepted that there could be a conflict between the needs of consumers at the different ends of the spectrum.

For the mass market, he said it is more important to encourage people to take res-ponsibility for themselves than to prioritise market efficiency which is the priority for the affluent end of the market. He also said greater use of technology should be explored.

Sandler said: “We will give greater prominence to measures aimed at stimulating the level of savings in this country. This almost certainly leads you towards market simplification and standardisation.”

Aifa director general Paul Smee says: “All the research shows that people will not save without advice. Catmarks and stakeholder have not been a success for the Treasury.

“We need to demonstrate the value for money IFAs provide and what role IFAs can efficiently play in the mass market. We must think creatively to make advice easier to get.”

Fitzgerald Brierley associate director Martin Nield says: “However much technology is around, people still want advice. If they simplify things, great, but I do not think simplifying the product is the answer. They need to simplify the rules pertaining to pensions, etc.”

Recommended

Zurich rolls out latest MPPI package

Zurich Financial Services is launching a new mortgage protection package, providing a range of cover under one plan. The Allied Dunbar Mortgage Protector plan is available as a single life or joint life policy. It combines within one product wrapper protection benefits that previously had to be arranged separately, such as level term cover, critical […]

Standard Life challenging rivals with offset mortgage

Standard Life Bank is planning an offset mortgage in a bid to challenge market leaders Intelligent Finance, Woolwich and Britannic Money. The bank plans to offer the product – where borrowers offset savings against their loan to reduce interest payments – over the next few months to reverse its decline in new business. Both IF […]

Inside edge

The LIA was impressed by the proposal from the FSA in CP 34 and subsequent releases on training and competence that the industry should take greater responsibility for training and competence of financial advisers. Instead of 50 hours of CPD, the FSA is saying that individual firms will be required to put in place arrangements […]

N&P offers penalty-free withdrawal to regular savers

Norwich & Peterborough Building Society is offering its regular savers the facility to make a withdrawal without effecting their bonus with effect from November 30. SuperSaver account holders receive an annual bonus if 12 consecutive monthly payments of at least £20 are made and up to now withdrawals have only been allowed from the second […]

Neptune’s Burnett looks beyond Greece

Watch Rob Burnett, manager of the Neptune European Opportunities Fund, discuss the Greek bailout deal and its potential implications for European equities. In the video Rob discusses: Why, with the Greek crisis receding, markets can now focus on Europe’s strong fundamentals The resilience of European markets and why the recovery is on a solid footing […]

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