UK: Royal London wants IFAs to set advice charges

Article Abstract:

Royal London wants UK independent financial advisers (IFAs) and their customers to determine advice charges. The life insurance company is opposed to charges being set by those creating financial products. According to Scottish Life's head of pensions strategy, Steve Bee, whose company belongs to the Royal London group, the way forward is partly fee-based. This would not harm the current advice marketplace but would solve some problems raised by the Financial Standards Authority (FSA). Bee said, however, that the system should not be totally based on fees as there are tax advantages when payment for advice is based on commission for products such as pensions.

Government regulation (cont), Product quality, Financial Services, Finance and Insurance, Abstract, Royal London Mutual Insurance Society Ltd.

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UK: EQUITABLE LIFE FAILS TO KEEP CLIENTS

Article Abstract:

Troubled insurer Equitable Life has lost over 3,500 policy holders since it closed for new business in December 2000. Their departure represents a GB 240mn loss from the company's GBu 26bn life fund. US-based GE Capital and Dutch-based insurer Aegon are said to be interested in buying some or all of Equitable LIfe.

Sales, profits & dividends, Marketing procedures, Equitable Life Assurance Society

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Similar abstracts:

• Abstracts: UK: PERSONAL FINANCE KNOWLEDGE UNIMPORTANT TO PUBLIC. UK: PERMANENT COMMISSION RISES FOLLOWING ACQUISITION. UK: PUBLIC SCEPTICAL ABOUT USE OF GENETIC TESTS
• Abstracts: UK: PRUDENTIAL INCREASES PROFIT ABROAD. UK: CREDIT DOWNGRADES FOR LIFE INDUSTRY. UK: PRUDENTIAL AND LEGAL & GENERAL HIGHLY RATED

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