Scottish Widows is questioning the motives of Killik & Co after the stockbroker swit-ched its group pension scheme to a third provider in just two and a half years. Killik will earn commission from Friends Provident as it is acting as its own broker and was also previously paid commission by Widows.Killik marketing director Philip Browne says the switch reduces its group scheme’s amc from 1 to 0.9 per cent and provides its employees with a greater fund choice. He says the FSA is not investigating the switch. He would not be drawn on the provider switch coinciding with the expiry of the typical provider group scheme commission clawback period of 30 months. Browne says: “That is one perspective that you could take but any company wants to provide better terms for its staff.” A Scottish Widows spokes-man says: “We can confirm that we have written to Kil- lik group scheme members to give our opinion of the change of providers.”
Coventry Building Society
Five Year Flexx Fixed
The Money Portal is expected to announce a new chief executive next week after former CEO Tony Morris was forced to resign last week by the Department of Trade and Industry. Morris resigned in advance of a court case brought by the DTI concerning his role as director of 11 firms, seven of which have […]
Investec has appointed Mark Wynne-Jones from UBS Wealth Management to join its UK contrarian team, reporting to Alastair Mundy. Wynne-Jones was director of wealth management research at UBS and was previously a fund manager at Cavendish Asset Management.
This week Gail Moss, freelance personal finance journalist
At the end of July, the Pensions Regulator issued its quarterly update on auto-enrolment (AE) compliance by employers in the UK. The full report can be seen under the quarterly bulletins section here.
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
A decade ago, I went through the pain of switching utility providers. Deterred by a catalogue of errors, it is only recently, after a house move, that I tried again. I was pleasantly surprised by how easy it was. It has made me think about how complex and expensive it is to switch in financial […]
It has never been more important to encourage saving. But advisers know only too well how challenging the complexities of the UK savings and pensions landscape make it for people. Any trends towards simplification would be welcome, but unfortunately recent developments have moved in the opposite direction. Take Isas, for example. Their simplicity has always […]
The FCA has confirmed it will consider if there needs to be better guidance around when it and the Financial Ombudsman Service can share information ahead of the FOS making its final decision. In a Complaints Commissioner final report, published on its website yesterday, commissioner Antony Townsend invited the FCA and FOS to discuss when […]