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Drawdown customers risk losing out from ‘mortality drag’, report warns

Advisers must explain how ‘mortality drag’ means funds in drawdown must produce increasingly higher returns to match an annuity, a report claims. The paper, written by Retirement Intelligence director Billy Burrows for Partnership, warns that the “invisible force” of mortality drag means drawdown becomes less attractive relative to an annuity as a customer ages. Mortality […]

Cyber security

MM leader: Waking up to the cybercrime threat

In an era of mobile devices, working remotely and Cloud computing, the modern way of working means data security is increasingly crucial. One wrong move could ultimately bring down a company if sensitive data gets into the wrong hands. It is easy to be derisory of the security lapses committed by others. Briefcases or laptops […]

City

Deutsche Bank faces record $1.5bn Libor fine

Deutsche Bank is set to be hit with a fine worth more than $1.5bn(£1.02bn) in what would be the biggest penalty imposed for manipulating Libor. The German bank is in negotiations with agencies in the UK and US to settle the allegations in which a Deutsche Bank subsidiary could also plead guilty as part of a […]

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PI brokers raise concerns over new insurer Elite

Professional indemnity insurance brokers have raised concerns about the financial strength of new PI insurer, Elite Hoyl Underwriting Management, which offers cover underwritten by Elite Insurance, entered the financial adviser market last month with claims it can halt the trend of escalating premiums. But PI brokers say advisers need to be aware that Elite Insurance […]

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