UK: LIFE OFFICES UNPREPARED FOR IMPACT OF INTERNET
Article Abstract:
The Internet will fundamentally change the pensions market, but life offices in the UK are unprepared for coping with the Internet as a distribution channel, says Forrester Research. Most life offices perceive pensions products as too complex to offer online, but customers are becoming increasingly used to managing their finances via the Internet. The UK pensions industry will radically alter as a result of stakeholder pensions and the launch of Open Finance providers, such as Bradford & Bingley's marketplace and Egg. The pensions market will in future be dominated by fund supermarkets which offer various independent fund managers's funds, with pensions likely to become managed by consumers in a similar way to products such as mortgages and savings. Providers that offer online fund management services are in a good position to proceed in the low-cost pensions environment, claims Forrester. The monopoly held by IFAs in the pensions market will be eroded by the emergence of stakeholder pensions.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
UK: Prudential withdraws endowment plans
Article Abstract:
The Prudential's decision to withdraw its endowment and whole life plans may lead to thousands of policy holders losing their lump-sum maturity payments. Affected customers include thousands of individuals with convertible term assurance policies. Independent financial adviser Steve Smith, who works for Alistair Macleod IFA, says he is shocked that Prudential is not offering an alternative solution.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
UK: CORNHILL TO CLOSE ON LIFE AND PENSIONS BUSINESS
Article Abstract:
Cornhill Insurance (UK) is planning not to accept any new life and pensions business following an earnings drop to GB[pound] 96.7mn in 1999, from GB[pound] 100.6mn in 1998. The company may also axe 180 jobs in sales.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2000
User Contributions:
Comment about this article or add new information about this topic: