Brexit - Keep Calm and Carry On

June 27, 2016 Tom Murray

Pensions Brexit Life financial services

Brexit – Keep Calm and Carry On The shock reverberating throughout the UK financial services sector from the success of the ‘Leave’ vote is palpable.  The plunging pound and falling stock markets have contributed to an air of panic throughout the business world.  And yet in many ways, the effect on businesses will be far less dramatic than the over-excited media would have you believe. 
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Exaxe and Equiniti Paymaster join forces in Insurance

administration partnership Press releases software Equiniti paymaster

NEWS RELEASE: Dublin, Ireland, 22nd May 2013
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Actuarial Post: Risk using technology or risk falling behind

June 05, 2012 Tom Murray

tablets Pensions risks software Life and Pensions

By Tom Murray, Head of Product Strategy, Exaxe.
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Actuarial Post: How protection can make a comeback via the workplace

April 25, 2012 Tom Murray

financial services landscape health policiesm protection life policies health Life and Pensions regulation

By Tom Murray, Head of Product Strategy, Exaxe.
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Pick a Card, Any Card!

October 25, 2011 Tom Murray

Pensions superannuation FSA Life and Pensions Australia

When a magician performs, people struggle to spot the actual trick. They know there is one and they are desperately trying to avoid being misdirected by the magician into looking in the wrong place while he completes the manoeuvre to produce the illusion.
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Mifid II will encourage passporting

October 21, 2011 Tom Murray

Competition Pensions Retail Distribution Review FSA Life and Pensions

The publication yesterday by the European Commission of the latest draft of the Markets in Financial Instruments Directive II (Mifid II) has only served to increase the confusion around the distribution of investment products in the UK.
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Australian Financial Planner confusion

July 27, 2011 Tom Murray

Pensions Retail Distribution Review superannuation Life and Pensions Australia

The 2011 Superannuation and Wealth Management in Australia report from Roy Morgan Research paints an alarming picture of the confusion within the industry in Australia. Most financial planners are either working for one of the big eight fund managers or are aligned to them. And therefore, to no one’s surprise surely, financial planners are funnelling most clients’ money into their own company’s products. This would be fine were it not for the fact that a substantial proportion of the clients are unaware of this bias, as some financial planner firms are branded differently from the institution they are owned by or aligned with. This cannot be good for the industry and is most certainly not in the interest of the consumer. Australia’s “Future of Financial Advice” reforms, the Aussie equivalent of RDR, does not even tackle this issue. It restricts itself to trying to remove commission bias by making fee-only payment for advice compulsory. However, this will only increase the feeling among consumers that they are being given independent advice, which is patently not the case. According to the Roy Morgan survey, even the best performer – ANZ Group– is guiding 46.2% of client money into it’s own products while AMP Group takes the prize with 81.3%.
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Old advisers get no support from the TSC

July 18, 2011 Tom Murray

grandfathering Pensions Retail Distribution Review FSA TSC

Saturday’s report from the Treasury Select Committee (TCS) on the Retail Distribution Review (RDR) is out and their main conclusion is that the Financial Services Authority are on the right track with RDR with one major exception – the demand that all IFAs hold level 4 qualifications after the 31st December 2012. The TSC recommendation is that the implementation of RDR be delayed by 12 months in order to allow more of the advisers to reach to required educational level. But this conclusion seems to ignore the issues involved in the evidence presented to them. Most of the arguments put forward by the advisers objecting to the need for new qualifications were in favour of grandfathering – the automatic regulation of some advisers without achieving the educational qualification; no one was looking for extra time for qualification. As far as most of the objecting advisers were concerned, the problem was for those near the end of their career . What would be the point of spending time achieving a qualification which would only be useful for two or three years? Also, as they pointed out, advice based on the accumulated experience of decades of providing financial advice will cast aside, to be replaced by advice from younger advisers, who have passed exams but may not have the life experience to truly provide the best advice for the consumers. After all, if it was purely a matter of following rules, the entire process could be automated and IFAs done away with altogether.
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For today’s kids, a bird in the hand is worth two in the NEST.

June 15, 2011 Tom Murray

Pensions Investment Life and Pensions Life NEST

- Young people don’t save. They prefer to spend their money on instant gratification rather than think about providing for their own future. -
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Canada’s enlightened approach: Caveat Emptor (but educate the emptor)

March 19, 2011 Tom Murray

Pensions Retail Distribution Review FSA Life and Pensions regulation

While the rest of the world tries to regulate the risk out of financial services, and is in severe danger of strangling them, one country is resisting the herd instinct. The Canadian Government, like all good investors, is running a contrarian strategy and runs the risk of remaining an outsider within the G22 by actually managing to achieve its goals.
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