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‘Speed up move to Omo system’

Leading retirement advisers have written an open letter praising the ABI’s open market options’ initiative but urging those who have not gone live to get a move on.

They write: “It can take up to 10 weeks to set up a new annuity policy and as a result many customers lose out. At present, only Aegon, Just Retirement, Legal & General, LV=, Partnership, Prudential, Canada Life and Standard Life are using the system. We urge the other nine firms to step up their efforts to go live as soon as possible, so that the initiative benefits all customers.”

The Retirement Adviser head of retirement planning Nick Flynn believes the remaining providers – Axa, Friends Provident, MetLife, MGM Advantage, Norwich Union, Pearl Group, Scottish Widows, Skandia and Zurich – should be forced to explain why they are yet to go live. He says: “These providers must get on board as soon as possible and real pressure needs to be put on them by authorities higher than the Association of British Insurers and advisers, it needs to come from the FSA.”


Emerging patterns

The problems in financial systems globally – and more particularly in developed economies – are structural. We need to see banking systems, corporates and consumers deleverage their balance sheets. This is going to be a painful process but a necessary one that will take time to work.

Remix required for clients

Skandia says advisers should consider repackaging client portfolios for optimum tax-efficiency in the present ultra-low-interest-rate environment.

Friends ends talks on F&C AM sale

Friends Provident has pulled out of discussions over the potential sale of F&C Asset Management. After talking to a number of interested parties, Friends says it now intends to divest its holding to shareholders.


Lifetime Isa – how it works

According to George Osborne “people like Isas – because they’re simple”. Fiona Tait is not convinced… Contributions & bonuses What he said: “From April 2017, anyone under the age of 40 will be able to open a Lifetime Isa and save up to £4,000 each year. And for every £4 you save, the Government will […]


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