Welcome to August's Latest News
With us almost two thirds through the year, to keep on track with CPD requirements financial advisers should have clocked up over 20 hours of CPD time. Our Living and dying with the lifetime allowance webinar is now available online and you can claim 40 minutes unstructured CPD time for completing this.
We also cover Why financial protection alone isn't enough and how our research found that while price is important, it's not always the deal clincher when it comes to protection products. Plus, the FCA launched their consultation on contingent charging last month - you can read our Pensions Director's view.
Sticking with the FCA, they've said five million people are at risk from pension scam, so find out how you can help protect your clients. And we close with details of some important changes for trustees.
Read on to find out more.
Why financial protection alone isn't enough
Discerning clients want more than just financial security. Just as a basic meal provides nutrition but may not feed the soul, many advisers are moving away from insurance policies that focus solely on price without considering a client’s health.
Our research found that price is important, but not always a deal clincher. Read more…
FCA contingent charging consultation
An FCA consultation launched on 30 July sets out proposed measures to change pension transfer advice, particularly relating to defined benefit to defined contribution transfers. Included in this is a suggested ban on contingent charging, except in certain circumstances.
Find out what our Pensions Director, Steven Cameron's views are.
Five million people at risk from pension scams
The FCA and The Pensions Regulator have published research which suggests five million people, equivalent to 42% of those saving for a pension, are at risk from the most common tactics used by pension scammers:
• Offering exotic investment opportunities
• Cold calling
• Offering early access to pension schemes (before age 55)
• Promising high returns on pension savings
• Offering free reviews of pensions
• Providing time-limited offers
These two regulators are joining forces to urge the public to be ScamSmart, with a continuing campaign running on TV, radio and online.
Find out how you can protect your clients from pension scams.
Important information and changes for trustees
We'll soon be writing to trustees of certain occupational pension schemes to remind them of their current responsibilities to members and the new responsibilities being introduced 1 October 2019.
The Department for Work and Pensions (DWP) have set out the new requirements to clarify and strengthen investment duties for trustees or managers of certain occupational pension schemes that provide money purchase benefits.
Not all of the requirements will apply to every scheme - it depends on the number of members and whether it's a 'relevant scheme' or not. We're writing to all trustees of the product types affected and it's their responsibility to assess whether the existing and/or new legislation applies to them.
You can find out more from the DWP.
Fund changes and news
Find out about changes to our insured funds, including governance news, fund closures and fund changes.
Platform tip of the month
Aegon Retirement Choices - edit live client details – select Adviser and the client search tab. Find your client and select Amend client details on the right hand side. Anything greyed out can’t be changed online, you’ll need to call us.