View more on these topics

Stop moaning, it&#39s your fault, says Autif chief

Autif director general Philip Warland says the life insurance industry has no right to criticise the Government&#39s “interference” in pension design because its record is so poor.

His explosive comments, made at a conference on stakeholder last week, will add fuel to the flames of an ongoing public spat between Autif and the ABI.

Warland was responding to comments made by ABI director general Mary Francis, who told delegates at a Labour Party conference fringe meeting that the Government should learn its lesson from the Millennium Dome and stop “meddling” in the design of financial products such as stakeholder.

Warland said he applauded stakeholder as an important step in rebuilding public confidence, which has been shattered by the pension industry.

Warland told delegates he was astonished to see Francis ask the Government to stop interfering in product manufacture and let the industry get on with it.

He said: “The reason the Government has had to get into product manufacture with stakeholder is because, left to themselves, her companies produced products which have already produced consumer detriment running into tens of billions of pounds, with more to come on endowments.

“If her industry had a pristine 10-year record, she might have a point. But no Government faced with the record is going to believe the pension industry will be better in the future until there is more hard evidence to go on.”

In reply, the ABI referred to Francis&#39 speech in which she said Government involvement in design has been beneficial and provided a spur to industry but it was now time for the Government to stand back.

Comment, p35


&#39Commission to blame for endowment crisis&#39

FSA chairman Sir Howard Davies has blamed commission to advisers for the misselling of endowment policies.Davies told the Association of Friendly Societies&#39 annual conference in Brighton last week that it was the fault of advisers that unsuitable endowments were sold.He expressed surprise that not all policyholders were told their policies were not on track to […]

Massow buys Rainbow in gay merger

Massow Financial Services is to buy competitor Rainbow Finance, creating the biggest financial services firm catering to the gay community.The new firm will havea total of 17 registered individuals and will offer its own line of products designed for gay people, including a pink stakeholder which will offer benefits to same-sex partners. The firm is […]

Know which way the win blows

The private company has always offered substantial opportunities to the adviser to create and benefit from genuinely win/win solutions. By use of win/win in this context, I am talking, quite simply, about a win for the client and a win for the adviser.An entry ticket for this market can be generated by the adviser aligning […]

Mortgage activity up in September

The level of mortgage activity significantly increased in September compared to the same time last year, according to figures from the monthly CML/DETR survey of mortgage lenders. Remortgaging increased by almost 7 per cent from £2.9bn in August to an estimated £3.1bn in September, a level 35 per cent higher than at the same time […]

Johnson Fleming is a finalist at UK Pensions Awards 2016

The UK Pensions Awards shine the light on excellence and recognise the advisers, providers and investment managers that offer the highest level of innovation, performance and service to occupational pension schemes and their members. This year’s awards looked at advisers and providers across 31 different categories and were rigorously judged by a panel of senior […]


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 thought leadership.

    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