Depolarisation has created six distribution models and profoundly altered the industry landscape, says Sesame.Head of strategic propositions and commercial development Alastair Conway says distribution channels are not as straightforward as tied, multi-tied or independent financial advisers. He says advisers fit into six camps – product tied, provider tied, multi-tied, transparent panel, informal panel and whole of market. Conway says the product tied, provider tied and multi-tied models represent the interests of the provider while transparent panels and informal panels cater more for the needs of the consumer. Sesame has developed a table around the evolution of product choice to illustrate how depolarisation has affected the industry. Conway says the table shows a sliding scale from open to closed product propositions, where the nature of the panel negotiations do not need to be divulged to the consumer. Conway says: “The regulated market has suffered as a result of the uncertainty around depolarisation. “We believe it is of great importance to better understand the nuances of the various models in order to best serve clients.” Sesame says it has been briefing the Law Society on depolarisation after the society announced last year that it was considering plans to establish professional introducer relationships with whole-of-market and multi-tied advisers rather than just independent financial advisers. The network says the society needs to recognise the changing shape of the industry to remain competitive.
The Government’s White Paper proposals do not bode well for advisers
Norwich Union has added 18 funds to its personal and group pensions. New and existing customers can invest in funds from firms such as Barclays Global Investors, Gartmore, Schroders, Investec and Jupiter. The products include group personal pensions, personal pensions and occu-pational defined-contribution schemes. Head of pensions Iain Oli-ver says: “Adding these funds shows our […]
Partnership Home Loans has become the 15th provider to join The Exchange’s online equity release quotation service on its Exweb portal.The provider is a sister company of Partnership Assurance offering a medically written impaired-life equity release plan.Partnership Home loans chief financial officer Steve Groves says: “We anticipate our new product having a significant positive impact […]
Scottish Widows says it remains open to new trust business, including its discounted gift trust but has produced additional guidance notes to accompany its trust material. It stresses advisers should ensure clients fully understand the implications of changes to taxation of trusts before making recommendations.
Kunal Desai, Head of Indian Equities at Neptune Investment Management India’s stockmarket rallied this week following news that the central bank was cutting interest rates more aggressively than expected. Commenting on the rate cuts and what this means for India’s economic growth, Kunal Desai notes that there were two important details in the announcement that have […]
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
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The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]