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With-profits face fundamental change under Sandler

With-profits products should be gutted with only the smoothing feature remaining according to the Sandler review team.

While there is still a concept for the savings vehicle, the Sandler recommendations say they would see performance transparent, unnecessary jargon removed and competition pressures more effectively applied in the with-profits arena.

His proposals go much further than the FSA&#39s which only dealt with disclosure of information to consumers, and instead suggest a major structural reform of the way the products operate.


Norwich Union enters impaired life annuity market

Norwich Union has entered the impaired life annuity market.The Norwich Union impaired life annuity option is designed to produce a higher income than standard annuities for people who suffer from a serious illness that reduces their life expectancy.Figures from Norwich Union show that a 60-year-old male who is expected to survive 10 years, with a […]

Threadneedle predicts healthy future for fund

Threadneedle is launching a global healthcare fund next week in a move which marks the first time in almost three years that it has introduced a new equity product.Managed by head of global pharmaceuticals Forsyth McGarrity, the fund will launch on July 15 with around £5m of internal money. It will invest in healthcare providers, […]

Sandler recommendations could damage customers

Ron Sandler&#39s recommendations run the danger of being achieved at the expense of consumer protection says the Financial Services Consumer Panel.It says removing the obligation to provide “suitable advice” and “know their customer” could potentially lead to future misselling scandals. The Panel points out that misselling in the past of personal pensions, mortgage endowments and […]

FSA ring fenced budget for consumer education says Sandler

The FSA&#39s budget for consumer education should be ringfenced and increased according to the Sandler review.The review team wants the regulator to put together a long term plan for delivering clearly specified objectives. It also suggests that the FSA establish a separate governance structure for education such as a sub-board accountable to the main board […]

Changes to early exit pension charges

In November last year, the FCA announced that from 31 March 2017, early exit pension charges will be capped at 1% for those customers who are eligible to access their retirement savings from age of 55. The rules also state that for new personal pension plans started after that date, or on new increments into […]


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