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Top actuary calling on more IFAs to charge fees

The Faculty of Actuaries is calling on more IFAs to charge fees rather than commission to make payment easier for clients.


Speaking in Edinburgh last week, faculty president Fraser Low suggested credit cards could be used to ease the payment pain by allowing fees to be paid in instalments.


Low praised non-commission policies which are available from IFAs.


He said: “I see no reason why people should not pay for the service by credit card so you are not hit by one big up-front fee.”


Low slammed the old Lautro and Fimbra regulators, blaming them for not putting a lid on the pension misselling scandal earlier.


He said policyholders of demutualised companies should in no way be forced to foot the £11bn bill for the scandal. He feels life office directors and shareholders should shoulder the major burden.


Low estimates direct salesforces are responsible for 80 per cent of missold pensions and the remaining 20 per cent was sold by IFAs. He believes IFA firms should pay for their share of the scandal with the support of their professional indemnity insurers.

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