Industry news and views from Panacea and our partners.
Industry News_
Pension switching thematic review; is an axe about the fall?
In December 2008, the FSA released its findings on pension switches. Its findings were such that they widened the breadth of the review to a broader population of firms carrying out such business. It also published guidelines of 'good practices' - defined by the FSA as evidence that a firm has gone beyond its rules and principles - and 'poor practice', by analogy, found in firms whose standards fell below the FSA's rules and principles.
The end is nigh?
With the RDR Consultation paper very much in every IFAs mind, providers have all made great efforts to review the review and extract the key points for you.
LV= latest news
Enhanced Annuities Rate Change Notification Find out more about our Enhanced Annuity rate changes which weve decreased due to instability in the market and recent changes in investment conditions.
Unfair Terms in Client Agreements
Many firms will be reviewing their client agreements in the near future the RDR and the changing regulatory landscape will mean that firms changing their business models will need to re-assess the contractual basis of the relationship that they have with their clients.
A New Dawn
I hope Justin has picked up some good Summer reading for his holiday, for if he had turned to the financial press as normal he would have found the usual swinging pendulum of news. All that oscillating between 'a recovering economy' backed by improving data to oh dear its worse than we thought substantiated by an extension of the Bank of England's quantitative easing, can make for dizzying reading.
AEGON - New - RPI escalation on our annuities
Were continually improving our products and services for you and your clients: We brought you Flexible Adviser Remuneration. We brought you the 21-day guarantee. We brought you online quotes submission and tracking. We developed our quote options sheet so you only need one quote. Were an integral part of the ABI faster transfer programme.
Foot Anstey Financial Services Update
Check out the useful stories from Foot Anstey: Data Security for smaller firms FOS and Claims Management Companies FOS and pre-2001 complaints Crunch Solutions Free legal audit
Death of provider consultants?
Did you know that RDR could put an end to broker consultants as it proposes the removal of most if not all CRM support services, planning tools and training programmes will not be allowed!
LV= Latest news
LV= share adviser secrets of success in helping clients to protect their income. Weve announced the result of our Pass it On adviser competition!
Scottish Provident enhances its Critical Illness cover
Scottish Provident, one of the leading protection providers has extended the number of critical illnesses and disabilities it covers on both Self Assurance and Pegasus to 35, following the addition of a further three conditions.
Ascentric launches Listed Structured Products from Société Générale
Independent wrap Ascentric today announces the launch of Société Générales Listed Structured Products, becoming the first platform to make exchange traded and free-of-commission products available to fee-based IFAs.
AEGON leads the way in e-service capabilities
So far this year, AEGON has been rated eee 12 times more than any other life and pensions company in the Financial & Technology Research Centres (F&TRC) e-excellence awards produced in association with Money Marketing.
AEGON - From cash investments to where?
Our new brochurecan help you to identify some real opportunities to generate strong long-term returns for your clients. Turmoil in the markets and continuing economic uncertainty has forced most clients (and their advisers) to revisit existing investment plans.
AEGON - New business tracking - start reaping the benefits
Are you looking to improve your efficiency and make life easier for yourself? We can help. Our new online tracking service takes the manual work out of tracking your individual protection pipeline business.
AEGON - Additional Commission on Retirement Control Cases
The interesting bit We like to think of ourselves as a leading provider in the At Retirement space, your continuing support to help us maintain this is greatly appreciated. To show our appreciation and our commitment to you were offering an additional 0.5% initial commission on all Retirement Control cases.
The story continues - the reply from the chairman of the FSPC to Simon Mansell and his response in regard to qualifications and RDR
Dear Mr Phillips Thank you for your reply addressing my concerns re your comments about higher qualifications and RDR. I have no wish to impugn your integrity but I do believe your well intentioned views are misguided.
Is this a chink in FOS armour?
Alan Hughes - 10-Aug-2009 Firms should now consider asking the FOS to demonstrate how it has complied with its duty to consider what the former scheme would have done in all pre-2001 cases.
Resources Compliance - SCDD - CIDD- Regulatory Update - London Seminar
We would very much like to invite you and your colleagues to the Regulatory Update about SCDD / CIDD and meeting the deadlines Seminar which is to be held on 16th September 2009.
Debt on the back of a fag packet
£950 billion is quite an eye watering sum of money and of course it also happens to be the latest figure of our UK government debt for this year. This is the equivalent of 56% of total UK GDP and the highest since our records began back in 1974. It is forecast to climb to £1.1 trillion in the next financial year. A number that has so many zeros and commas that I am worried that people will start talking about the British Lira rather than good old Sterling.
Trustnet - Structured product alert
Trustnet provides fund selection tools, research and analysis for financial advisers. Registration includes access to our database of UK Structured Products, from which the latest releases and imminent closures are listed below.
Hub eNews - Building professional connections
Following some work in the spring with J.P.Morgan Asset Management and SIFA, we have now added a Professional Connections section to Better Business.
AEGON Secure Lifetime Income - four comforting guarantees
With AEGON Secure Lifetime Income now available, wed like to tell you more about how its built for your clients, built for you and built to last
FSA borrows £200m to cover spending deficit
A member has highlighted this in the forum. Nicole Blackmore reports that the FSA has had to borrow £200m from Lloyds and HSBC and is being warned by the board to review its cash flow, according to the Independent on Sunday.
Compliance Tip - August 2009
This compliance tip is applicable to all FSA Small Firms responsible for their own financial reporting; as recent FSA work on financial returns has highlighted a number of firms misreporting or submitting inaccurate data.
Ascentric chooses the Independent Edge 'RDR Compliant' Investment Tools
The ability of Independent Financial Advisers to conduct Independent, robust research on a Whole of Market basis is the focus of much attention in CP09/18, the recent RDR Consultative Paper. Shannon Currie, Managing Director of Independent Edge stated If Independent Firms use Panels, software or systems provided by Product Providers, they risk jeopardizing their Independent Status.
An IFA Open Letter to Adam Phillips, chairman of the FSCP enquiries@fs-cp.org.uk
I note you are appointed by the FSA but that the Consumer Panel is said to be independent of the FSA. Of course the FSA claims also to be independent of government! Speaking at the FSA's annual public meeting held in London last week, as chairman of the FSCP, you said RDR did not go far enough: "Getting all advisers to QCF level 4 by 2012 will be a major step in the right direction but ultimately the panel would like to see standards raised to QCF level 5, which is degree level, in line with other professions. I wonder if your are speaking on behalf of consumers or on behalf of the FSA, of whom you are independent?
In Goldman's Eyes.....
What a difference a week can make. Last quarter the glass was cracked; last week it was half empty and yet seven days later it appears half full! Certain analysts have been getting quite excited with one of Goldman's analysts (presumably still celebrating his bonus) stating that the S&P500 would enjoy its best second half rally since 1982. As a result they have boosted their forecast for the Index and are predicting a rise from its 30th June close of 919.32 by 15% to 1,060 by 31st December.
FSA staff have been claiming over £400 a night in expenses for hotel accommodation
Nicole Blackmore of Money Marketing reported this week that according to FSA director expense claims, obtained by Money Marketing through a Freedom of Information request, chairman Adair Turner claimed £812 for two nights at a hotel in February, with a hotel expenditure of £5,889 between November 2008 and March 2009.
LV= Launches new campaign to highlight inheritance tax implications for guaranteed annuities
With annuity rates under pressure and consumers increasingly keen to protect the value of their annuity in the event of early death, we are highlighting the risk of paying unnecessary inheritance tax (IHT) on annuities.
LV=: The long and the short of SIPPs
Last month Ray Chinn focussed on technology support for advisers active in the SIPP market. This month we focus on the customer view of SIPPs prompted by The Pensions Advisory Service (TPAS) report commenting on lack of customer understanding in this area.
In a Time Warp?
So when did either Goldman Sachs or JP Morgan ever care about public relations? I suppose if you are back behind your iron gates of Mordor it would never even cross your mind.
Create business protection leads
Use this short video with your clients to highlight the risks associated with not having the correct business protection in place.
Special offer on AEGON Secure Lifetime Income
To celebrate the launch of AEGON Secure Lifetime Income, were offering you an extra 0.5% initial commission on options B and C.
Stop Press - PanaceaIFA community is THE UKs biggest new business source of premium income for product providers!!
Providers start to smell the coffee as a result.
Today's IFA Market and the Retail Distribution Review (RDR) 2012
IFA firms are normally valued as a multiple of renewal income plus a factor for goodwill built up through strong client relationships. However, sky high professional indemnity premiums and the events surrounding pension, FSAVC, endowment and split capital trust miss-selling accusations have given rise to an ever increasing claim culture with claims companies offering no win, no fee deals.
Risk versus Reward
We all know that regulatory costs have increased but to see it in black and white really puts in perspective how and where the industry's fees have been spent.
LV= Free CIC offer - extended to end of year
Now, more than ever, advisers need to help their clients understand the importance of protection for their regular income in case they are unable to work for a long period. Our special offer has now been extended until the end of the year.
LV= 'Money where our mouth is' offer extended until the end of the year
When clients want their tax free cash (Pension Commencement Lump Sum) from their Unsecured Pension (Drawdown) Plan they want it fast. At LV= were committed to paying this within 7 working days. If we fail to keep this commitment well pay £1,000 compensation to your client for any inconvenience.
A deluded Britain
Can we stop trying to fool ourselves please. We in the UK, are not going to go back to our complacent world of heady consumerism and conspicuous consumption any time soon. Almost every week there are more reports of green shoots as well as confidence indicators starting to perk up again.
LV= Latest news
SPECIAL OFFER for Unemployment cover extended until end of the year Our Mortgage & Lifestyle Protection Unemployment cover offer has now been extended until the end of the year. Please also find information to clarify our approach to unemployment cover eligibility.