Network sinks to bottom of name-and-shame table

Article Abstract:

The UK government's pension mis-selling "name-and-shame" league table has revealed that IFA's remain near the bottom. DBS is the worst offender with a cleaning-up rate of less than 25% with only a total of 11% of cases being resolved by the end of April 1998. Financial Options also remains close to the bottom of the table with 42% of cases resolved, although this was an improvement on the 40% previously. Gan and Countrywide both made some progress clearing 45% and 48% of cases respectively. IFA Network's saw its figure fall by 3% to 57%. Many companies are getting closer to meeting their target and if later inspections show that these initial reports have continued to show progress names will be removed from the table.

Comment:

UK: Government's pension mis-selling name-and-shame league table has revealed that IFA's remain near the bottom

Government regulation (cont)

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Pension-speak conceals the real cost of policies

Article Abstract:

Less complex information should be made available by UK pension providers to customers, claimed the Quality Assurance on Benchmarking report released at the start of June 1998 by the New Policy Institute. The independent UK-based think-tank believes that when the UK government brings in stakeholder pensions, maximum yearly charges should be imposed. The report argues against the covert charges and perplexing language which accompanies pension products, saying that the stakeholder pensions will provide an opportunity to offer straightforward data to help customers choose the right product for their needs.

Comment:

UK: Less complex information should be made available by pension providers to customers, claims report by New Policy Institute

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One in three reject company schemes

Article Abstract:

According to research carried out by Clerical Medical, almost one in three employees do not belong to a company pension scheme despite being entitled to do so, a total of 4.3mn people. Bad communications, coupled with complacency, are blamed for this. This figure does not include those who have opted for a personal pension scheme and the sel-employed. Clerical has identified the 4.3mn as a prime target for IFAs .

Comment:

Surveys that almost 1 in 3 employees do not belong to a co pension scheme despite being entitled to do so

Clerical Medical and General Life Assurance Society

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