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Small IFAs could face paying bill for review over Serps

Big IFAs are likely to opt out of the PIA&#39s proposed scheme for

recalculating phase two transfer cases under the pension review, leaving

small firms to foot the bill.

Companies such as RJ Temple are not affected by the PIA&#39s decision to

re-open cases to calculate the Serps adjustment bec-ause they did little

pension business and they are unlikely to pay a levy tow-ards the scheme.

The proposed scheme will be voluntary and life offices and IFAs which

think they have the resources to complete the recalculations themselves by

the December 2002 deadline are unlikely to contribute.

Only small IFAs and bigger firms with a significant number of cases are

expected to pay the levy for the PIA to handle the recalculation.

RJ Temple says most of its business was investment so the scheme is not a


Aifa public affairs director Tracy Mullins says: “Cost will be more of a

problem under this sch-eme than the PIA&#39s first proposals, especially for

small firms.”

An FSA spokesman says: “The scheme offers huge benefits for IFAs who will

be able to claim back 85 per cent of the redress.”

IFA Best Advice consultant Tony Moss says: “I am not in favour of smaller

practices carrying the burden.”


Stroud & Swindon brings in discounted flexible mortgage

The latest addition to the flexible mortgage market comes from Stroud & Swindon Building Society.The discount flexible 2006 mortgage has a discount of 0.25 per cent until July 1, 2006 for loans of up to 85 per cent of valuation. This gives it a payable rate of 5.99 per cent.Stroud & Swindon will pay the […]

IFAs maintain their grip on pensions

IFAs are holding on to their grip of pension market, acc-ounting for 85per cent of new single-premium sales in the second quarter of this year. Latest ABI figures also show IFA sales of regular-premium collectiveinvestment schemes, which include Isas, unit trusts and Oeics, up to 18.4per cent from 11.8 per cent. This is despite premiums […]

IFAs warned as Welsh reveal LTC proposals

IFAs must be wary when advising clients on their long-term care insuranceneeds because of the differences in funding plans in the UK, providers havewarned. The warning comes after the Welsh Assembly said it plans to join Scotlandand Northern Ireland in splitting from Westminster over funding for care. The Welsh plans, which will not come into […]

Online financial brands &#39left unprotected&#39

Financial services companies are not protecting their online brands fromrisks such as copyright infringement, according to new research from patentand trade marks attorney Marks & Clarks. Its survey of 203 company directors around the UK found that only 44 percent of financial services providers monitor online threats to theirbusiness, despite 92 per cent saying it […]


Guide: day-to-day tasks ​— can your system manage?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.


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