PIA may add pension top-ups to mis-selling review
Article Abstract:
Following preliminary investigations the Personal Investment Authority (PIA) has announced that it may have to carry out a full review of the mis-selling of pension top-up policies. The policies are known as free-standing additional voluntary contribution (FSAVC). Pension fund consultancies such as Watson Wyatt have repeatedly warned about the mis-selling of the FSAVC's, and the PIA is keen to avoid a repeat of the GB 15bn pension transfer scandal. It is understood that financial advisers who sell the FSAVC's may be doing so without advising their clients about the benefits of in-house schemes. The PIA is to examine the FSAVC sellers to see if claims made about mis-selling are correct.
Comment:
UK: Personal Investment Authority says it may have to carry out full review of the mis-selling of pension top-up policies
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1998
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Pension sales slump 20% at Axa Sun Life
Article Abstract:
Delays in the establishment of NIRS2, the new DSS national insurance system, have in turn delayed the repayment into pension schemes of national insurance rebates. This has been blamed by the UK insurer Axa Sun Life as one of the main reasons for the decline in its pension sales by a fifth over the first half of 1998. This included an GB 8mn drop in sales of lump-sum pension savings. Another cause of the fall was the merger between UAP and Axa, Axa Sun's parent.
Comment:
Blames delays in establishment of new DSS natl insurance sys for its decline in pension sales by a 5th in 1st half of 1998
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1998
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