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.
Industry experts are calling on the government to act quickly on new pensions dashboard legislation. The DWP is looking at how to do it amid Brexit constraints, writes Kim Kaveh.
An interactive and hands-free technology that allows savers to track how much they have invested into their retirement pots has been launched by Smart Pension.
The Lighthouse Pensions Trust has recorded an 84% surge in the number of employers signed up to its auto-enrolment (AE) provision.
Melrose Industries's UK defined benefit (DB) schemes had a £5.5m combined deficit at the end of 2016, its annual results have revealed.