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In whom we trust

Article Abstract:

The security of British pension fund assets has become a major concern among fund members following the discovery that the late businessman Robert Maxwell was able to use assets from six company pension schemes for his own purposes. To prevent the recurrence of fund looting, it is suggested that fund management and trustee operations of pension schemes be totally separated. Strict enforcement of the Financial Services Act and closer scrutiny by the Investment Managers Regulatory Organization can also help in ensuring the security of pension fund assets. Another proposal is to improve the training of trustees so that they will be able to manage pension funds more effectively. Fund members and trustees may find the National Association of Pension Funds' new guidelines on the duties of trustees useful while legislators consider introducing changes to current pension laws.

Author: Harper, Ian
Publisher: Accountants Publishing Co., Ltd.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1992
Pension, health, and welfare funds, Safety and security measures, Ethical aspects, Pension funds, Maxwell, Robert

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Looking ahead to unhappy returns

Article Abstract:

Recent holders of 25-year with-profits mortgage endowment policies may not enjoy the same high returns as those investors whose endowment policies are currently coming up for maturity. Presently maturing 25-year policies bought from Scotland's top ten life assurers have annualized return ranging from 12.8%to 13.6% and a maturity value that range from 58,237 pounds sterling to 65,464 pounds. In contrast, policies that still have 20 or so years to go before maturity may not even be able to repay the mortgage. Doubts about the policies'ability to repay the mortgage stem from the past and future performance of the investments underlying the endowment, as well as the from the absence of any guarantee of mortgage repayment from the newer variety of endowment. Several strategies are offered to help endowment policyholders get the most out of their investments.

Author: Harper, Ian
Publisher: Accountants Publishing Co., Ltd.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1993
Life insurance, Evaluation, Finance, Insurance industry, Insurance policies

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Tell it like it will be

Article Abstract:

The sale of insurance-based products in the UK is generally perceived by consumers to have two basic shortcomings: the high costs and expenses imposed by insurance providers, and the inadequacy of information given to customers regarding the products being sold. Presently, information on insurance products are only fully disclosed two weeks after customers have agreed to buy. To remedy this situation, the Securities and Investments Board (SIB) is proposing several measures in the regulation of the marketing of financial products. One of these proposals is the requirement that insurance marketers disclose all relevant information about the products they are selling at the point of sale. The SIB is also recommending that existing requirements regarding costs and expenses disclosure be supplemented so as to increase the understanding of customers.

Author: Harper, Ian
Publisher: Accountants Publishing Co., Ltd.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1992
Regulation misc. commercial sectors, Laws, regulations and rules, Marketing, Insurance, United Kingdom. Securities and Investments Board

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