The Financial Services Authority (FSA) today published the findings of its follow-up work to improve the quality of pension switching advice. The findings will see a number of firms carry out past business reviews that will deliver more than £150 million in redress to customers.
The FSA’s work has seen great improvement in the market with many firms reviewing past sales and procedures to deliver improved outcomes for customers. However, there remain a number of firms still giving high levels of unsuitable advice.
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The Key to adviser business evolution and transformation |
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Article by
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February 2010
The Forces of Change
Whilst last decade has seen massive new developments in the financial services market place, the proposed changes brought about by The Retail Distribution Review will speed up the process of change from transaction and commission based to service and fee based (particularly recurring revenue dominated) adviser businesses. In the process, new providers such as wrap platforms have sprung up and experienced strong support and growth from forward thinking advisers even during severe market downturns whilst traditional providers have seen their businesses shrink as they struggle to keep up in the product development race and with the improved service standards now routinely expected.
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Legacy Asset Systems to offer legacy migration services to Ascentric users
Leading wrap platform Ascentric and Legacy Asset Systems (LAS) have today announced that LAS will supply asset migration services to Ascentric users, effective immediately.
Under the terms of the deal, LAS will provide Ascentric with its asset migration tool that identifies clients suitable for asset migration to the platform. LAS will also provide Ascentric users with client-specific cost and benefit comparisons which then populate an automated cost comparison schedule.
Users of the service will have access to a compliant suitability report that clearly shows the client advantages (and any disadvantages) of transferring this business. Ascentric is the first wrap platform to offer these unique services provided by LAS.
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Dunstan Thomas WRAP Business Guide |
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Wrap Revolution
Our own investigations of the wrap world have produced a number of conclusions not least of which is the fact that they cannot be ignored by either providers or advisers who wish to thrive in the pensions and investments world in the twenty first century.
Research that we commissioned recently (see page 13 for full survey findings) concluded that nearly a third of whole market IFAs (30%) were actively moving customers onto wrap platforms and more than a third (37%) were ‘planning to migrate’ some or all of their customers by mid-2009.
Download the latest brochure information here. |
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Data has always been a key issue, fundamental to the good management of pension schemes. Yet only recently has it become a key issue, attracting widespread attention. Why has it taken until 2009 for this issue to have achieved such prominence? In this article I will consider what has changed and why data has suddenly become such a big issue. I also review the Pensions Regulator Guidance in more detail, consider data risk in scheme buy-outs and how trustees can address data in both scenarios.
The full news update can be downloaded here. |
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