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Watch out for DB exit ‘bribes’

IFAs must beware of advising clients on “bribes” offered by employers to leave final-salary pension schemes.

Syndaxi Financial Planning managing director Robert Reid says firms are effectively trying to bribe staff to quit schemes by offering payouts.

He says staff would be worse off and urges the FSA to investigate if employers are carrying out advice which should be regulated. Reid says: “This rerun of pension misselling has the potential to land at our door but only if we act without thin-king. IFAs must resist the option of providing advice on these bribes or, worse, help employees transfer benefits. The FSA can help by looking at whether in constructing the offer to leave, including their bribe, this constitutes advice and is a regulated activity.”

Wragge & Co pension support lawyer Ruth Bamforth says: “We do not encourage employers to use inducements but we advise them if they do. IFAs need to make sure their contracts with employers are crystal clear and get out if it looks like the employer is trying to pull a fast one.”


Victoria range aims to cut costs for borrowers

Victoria Mortgages says it is ready to pass on internal cost savings to borrowers from Monday.It is targeting the near-prime and light adverse markets with new deals, after revealing in August that it plans to triple business over the next 12 months by reducing rates.The near prime range allows for £500 of unsatisfied CCJs and […]

Cofunds losses hit 19.5m

Cofunds made a further loss of 19.5m last year but the platform is upbeat about take-up of its investment bond, which attracted 670m since it launched in April. The company’s retained losses for its first five years total 120m. Finance director Andrew Harris says 9bn in assets are held through the platform and revenue was […]

The numbers game

The argument that bancassurance is threatening IFAs is tired and irrelevant

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Fit for Work: guidance for employers published

On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.


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