UK - Life office Clerical Medical has introduced a commission accelerator scheme in a bid to help IFAs deal with incoming regulatory changes.
Clerical says the scheme – which pays intermediaries their future commission up-front through the Bank of Scotland – are part of a suite of new support products, designed to boost IFA business and prepare them for new FSA regulations.
The product launch follows a House of Commons’ Treasury Select Committee ruling last week that insurers should scrap commission-based selling. The committee said commission-based selling is “damaging the industry’s reputation” and “undermining consumer confidence in long-term savings”.
UK life and pensions firms’ new business sales have been battered by a drop in confidence following the near-collapse of Equitable Life and a string of mis-selling claims.
Market development manager Charles Evans said the product range – Advice Matters – will help restore confidence in the sector.
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.