UK - Nearly three-quarters of IFAs do not believe that Green Paper reforms will increase retirement savings, a survey by The Exchange shows.
The software and services provider found that 72% of IFAs were sceptical about the Green Paper.
But the government’s biggest concern will be IFAs’ overwhelming rejection of its two cornerstone initiatives – selling simple and comprehensible products and the need to get people to start saving for their retirement.
More than three-quarters of IFAs (77%) did not expect to sell the much-vaunted “Sandler suite” of stakeholder products. They claimed there were insufficient incentives to make them “worth their while”.
In addition, 80% of those surveyed supported a mutual fund to provide for professional indemnity cover as many IFAs are struggling to get protection.
The Exchange also found that 54% still advise clients that with-profits are a safe form of investment.
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
Nearly a third (32%) of employers believe new technologies, such as augmented and virtual reality, will play a part in benefits communications, latest research from Aon Employee Benefits reveals.