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.
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point