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Skandia disclosure plea over restricted advice

Skandia has called on the FSA to go further in its disclosure requirements for restricted advice.

Chief development officer Peter Mann says that he welcomes the retail distribution review consultation paper’s distinction between independent and restricted advice.

But he does not consider that verbal disclosure can be monitored effectively and is calling for the FSA to mandate a precise form of words that firms must use in their documentation to describe the services they provide.

Skandia has also urged the regulator to phase out basic advice, saying that consumers may get confused between basic advice and a simplified advice process.

Mann says: “Headline proposals are sensible and provide the industry with a significant opportunity to improve outcomes for consumers.

“There are still many issues that will need to be ironed out, particularly the disclosure requirements for the various types of advice.”


A matter of trust

As advisers, we all spend time with clients helping them establish their attitudes to risk and educating them to the potential ramifications of this for long-term investment performance. Somewhat ironically, risk management processes and procedures should also be front of mind now for advisers themselves, ensuring the correct procedures are taken to reduce risk in their businesses.

Direct channels and signature tunes

What do you think about life offices creating direct salesforces or distributing via alternative channels when they have previously distributed exclusively via the IFA market?

Why prevention is better than cure

Quoting the famous adage, prevention is better than cure; there are many proactive benefits that can improve wellness in the workplace, decrease stress, increase staff morale and reduce absenteeism, as well as attracting and retaining employees of a higher standard. With a recent study showing that employees in Britain are working below peak productivity, preventative benefits can ensure you address potential health issues or causes of stress at their source and ensure productivity in the workplace remains at an optimum level. With this in mind, how are you using preventative benefits to help keep your workforce happy and healthy?


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