IFAP launches index to show IFA market share

Article Abstract:

The IFA Promotion has announced that it is introducing a quarterly index capable of calculating market share for the various distribution channels in insurance/investments in the UK. It will be called the Investment and Insurance Distribution Index. The index is being published in response to the fact that people are being forced to become less dependent upon welfare provision giving IFA's a more important role. It will look at all of the major financial product areas including group life assurance and personal pensions, as well as Pep's and non-pep unit trust. The first index figures have shown that IFA's were accountable for 57% of all individual life and investment sales in 1997, and held more than two-thirds of the personal pension business. Some 27% of all mortgage sales were accounted for by IFA's.

Comment:

UK: IFA Promotion will introduce quarterly index to calculate mkt shr for various distribution channels in insurance/investments

Insurance, Insurance Carriers and Related Activities

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REview saddles firms with 25,000 PI excess

Article Abstract:

A number of companies are having to pay large excesses owing to concerted efforts by providers of professional indemnity (PI) policies in the UK to ease the impact of pension review claims, so says PYV. PI providers' desire to eradicate exposure to claims is resulting in an increase in the levy of excess policy, claimed the broker's managing director, Ian Boscoe at the end of July 1998. The Association of British Insurers was also criticised by Mr Boscoe for Pass, its lifeboat initiative which is intended to enable pension review-related costs to be met by independent financial advisers (IFA) in difficulty. Mr Boscoe believes that profit margins and liquidity will be impacted by loans and that providers should do more given that IFAs spawn a large amount of business.

Comment:

UK: Cos pay large excesses due to efforts by professional indemnity policy providers to ease impact of pension review claims

Pension Funds & Benefit Plans, Pension funds

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IFA proposes automatic shift from Serps to stakeholders

Article Abstract:

For the UK government's stakeholder pensions to work, the state earnings-related pensions scheme (Serps) would have to end, according to The Square Mile. Despite motivation from the government, between 5mn and 6mn taxpayers aged up to 43 have not contracted out of Serps, noted the London-based independent financial adviser (IFA) at end-July 1998. The Square Mile believes that a default stakeholder scheme should be established to allow taxpayers to be moved automatically should they fail to opt for a provider within the private domain. It believes that its proposals, which would see the National Insurance (NI) number of the taxpayer become the number for the stakeholder policy, are best answer to a key aspect of pension reform efforts.

Comment:

UK: State earnings-related pensions scheme will have to end for the UK government's stakeholder pensions to work

Public Empl Pension Funds, Public employee pension funds

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