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What advisers are saying

Editor’s comment of the week: Avoid default options and make clients choose

Investors who are currently being defaulted into annuities suddenly being defaulted into drawdown will surely be the next misselling scandal, without the sell. 

Providers really need to avoid any default options, which would force clients to at least make a decision or receive nothing. 

There is no time limit for providers to force clients into an income  producing product, assuming they have updated their scheme rules accordingly, which is another issue entirely.

Although the Budget reforms will not necessarily engage consumers fully, they will encourage people to seek advice or at least guidance. There is more to retirement planning than just pension funds and how much tax-free cash they can get their hands on.

Claire Trott 



Santander chairman Emilio Botin dies

Santander chairman Emilio Botin has died aged 79, the bank has announced. The BBC reports Botin died of a heart attack last night. The board and the appointments remuneration committee are meeting today to appoint a new chairman. The BBC says Botin is credited with turning what was a small regional bank in Spain into […]


Lloyds and RBS to move if Scotland votes for independence

Banking giants Lloyds and RBS have confirmed they could move their headquarters to England if Scotland votes to leave the UK in next week’s referendum. The banks, which are partly owned by the UK taxpayer after being bailed out in the wake of the financial crisis, have both issued statements in outlining plans to re-domicile if […]


Lawyers raise concerns over FCA supervisory toolkit

Regulatory experts have questioned the FCA’s supervisory direction after concerns were raised over two of its major tools. Last month, Treasury select committee chair Andrew Tyrie wrote to the FCA warning about the cost of skilled person reports. Skilled person reports, also known as section 166 reports, check for weaknesses or failings in a firm’s […]

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Thinking of expanding overseas?

Whether you’re a small company or an established larger employer, expanding overseas into emerging markets can be an extremely attractive prospect for growing your business. However, with this comes a duty-of-care requirement to any staff based overseas.


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