View more on these topics

Staff don’t want workplace wraps, claims Kerr

Ernst & Young director of financial services Malcolm Kerr says he has seen no employee demand for corporate wraps.

Standard Life, Legal & General and Scottish Widows have launched corporate wraps and Friends Life and Zurich have committed to joining the market this year. Hargreaves Lansdown set up its corporate wrap, Vantage, in April 2010.

Speaking at the Money Marketing Retirement Planning Summit in Monte Carlo last week, Kerr said: “We have not seen any evidence that employees want Isas and travel insurance through their flexible benefit systems. The take-up in E&Y’s own flexible benefits system is very low.”

Hargreaves Lansdown head of pensions research Tom McPhail says the firm has 350,000 investors using its Vantage service.

But he says: “The next 18 months will see significant expansion in the workplace wrap market because providers are worried they will miss out on the demand that is clearly there from employers.”

Legal & General finance and product director for workplace savings Carole Avis says: “We have seen an enthusiastic response from staff using our WorkSave Isa. Interest in corporate wraps is likely to grow as automatic enrolment approaches.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm