View more on these topics

Website offers stakeholder admin for 50% commission

Direct-offer stakeholder website pensionbusiness.com is offering IFAs

access to its online designation, admin and customer services in return for

50/50 split of commission.

The service allows intermediaries to outsource their stakeholder

designation and scheme population.

Pensionsbusiness.com is understood to be in talks with financial portals

to boost distribution of the service through the IFA channel.

The online service, which was established last year by DBS member

Nightingale Associates proprietor Michael Lockyer, offers access to

stakeholder plans from Norwich Union, Scottish Amicable, Clerical Medical,

Legal & General and Scottish Mutual through one back-office system.

Stakeholder schemes are set up and administered online while

pensionsbusiness.com call centre representatives can deal with enquiries

from potential and existing scheme members although they are not regulated

to give advice.

As the service is effectively offered by another IFA, the range of

services offered to intermediaries using the service sidesteps FSA rules on

indirect benefits. These have previously dogged stakeholder product

providers&#39 attempts to offer extra services to IFAs.

Lockyer says: “We did a lot of IFA research to decide whether IFAs would

be prepared to pay for the service and decided the 50/50 split was more

appealing to advisers. We offer a complete fulfilment service, which

includes dealing with all the marketing material, and an 8am-8pm customer

service helpline for employers and employees. It is possible to set up

schemes for hundreds of employees in under half an hour.”

Recommended

Polarisation reform – don&#39t panic

In the media coverage of two recent major corporate deals, polarisationreform was cited as an influencing factor. Of course, those involved willhave factored in the possible outcomes of polarisation reform, along withmany other considerations. But should other IFAs be making decisions at this stage? This articlesummarises the width of regulatory options going for- ward and […]

N&P signs up with Brain

Norwich & Peterborough has become the first lender to sign up toelectronic common trading platform Mortgage Brain since its acquisition bya consortium of major lenders. The move means N&P will now be able to accept mortgage applicationselectronically but says it has no plans to buy equity in the platform. Mortgage Brain is owned by rivals […]

Old Mutual to split chief executive and chairman

Australian financial services group Old Mutual is set to split the roles of its chief executive and chairman in response to pressure from institutional investors. Mike Levitt, who has held both positions since the group demutualised and floated on the London Stock Exchange in 1999, will remain non-executive chairman. Jim Sutcliffe, who currently runs Old […]

Hotels and restaurants hardest hit by stakeholder says Pru

Hotels, restaurants and engineering companies are the most likely to be affected by the need to offer stakeholder pensions to their employees says a survey from the Prudential.At the opposite end of the spectrum, transport, communications and construction companies will have the least amount of work to do in order to comply with Government regulations. […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment