FCA surprised that doing nothing didn’t fix OMO!

January 08, 2016 Tom Murray

Pensions UK Retail Distribution Review Financial Conduct Authority Life and Pensions

FCA surprised that doing nothing didn’t fix OMO! The Financial Conduct Authority (FCA) have released data that shows that the majority of people purchasing annuities actually bought them from their existing provider and didn’t make use of the Open Market Option to shop around for a better deal.
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What lies ahead – The UK life and pensions landscape in 2020

January 12, 2015 Norman Carroll

estate planning multi-platform service Pensions UK Retail Distribution Review

While I don’t claim to have 20/20 vision, I do have a view of what the UK’s life and pensions landscape will be like in 2020, and it is one that will be hugely different from the one we see today.
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Time to stop the blame game on annuity sales

November 25, 2013 Tom Murray

Pensions UK Retail Distribution Review Admin Plus impaired annuities

Too many people buy standard annuities. Figures published in the Sunday Telegraph this weekend show that the number of people who retire and could be suitable for an enhanced annuity is substantially higher than those who actually do purchase one. According to the Sunday Telegraph, 68% of men between the ages of 61 and 69 suffer from a condition that would qualify them for this type of annuity, yet only 31% are actually being steered towards them. As a result, many of the 360,000 people who buy an annuity each year are landed with a really bad deal.
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Regulator needs to trust the IFAs

September 17, 2013 Tom Murray

Pensions UK Retail Distribution Review Financial Conduct Authority FSA

One has to feel sorry for Martin Wheatley, CEO of the Financial Conduct Authority, as he struggles to find a proper path out of the morass into which the regulator was led under the previous incumbent. Sadly, a change of one letter in the name from the FSA to the FCA is not enough to chart a way forward, the problems are deeper than anything that could be corrected by a rebranding exercise.
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Attacking IFAs is counter-productive

September 10, 2013 Tom Murray

Financial Adviser Pensions UK Retail Distribution Review advice gap

There is a huge advice gap in the UK. Everyone is fully agreed on this and every week there are a number of articles lamenting this fact in the trade press. It’s an issue that needs to be addressed urgently as so many people are approaching retirement, a time when they really need to get financial advice.
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Retirement advice – a necessity not an option

September 06, 2013 Tom Murray

simon smallcombe basic pension needs decumulation Pensions UK

It’s time to sort out,once and for all, the issue of advice at the retirement stage. The financial press throughout August have been full of articles from industry experts, all critical of the lack of advice being given to people who are retiring and the resulting bad choices that are being made in terms of product purchase.
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Actuarial Post: Technology is no silver bullet for annuities

June 25, 2013 Tom Murray

administration Pensions UK Retail Distribution Review Admin Plus

By Tom Murray, Head of Product Strategy, Exaxe.
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Investment Life & Pensions Moneyfacts: Pension Reform – Part 2

April 04, 2013 Tom Murray

Illustrate Plus Pensions UK Retail Distribution Review national employment savings trust

This article was originally commissioned and published in March 2013 for Investment Life & Pensions Moneyfacts publication. In his second instalment addressing Pension Reform,Tom Murray, Head of Product Strategy at Exaxe, explains why bringing the focus back to the individual to prepare for their own future is the key to increasing pension savings.
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The FSA needs to be wary of quick-fix solutions

September 28, 2012 Tom Murray

Pensions UK Retail Distribution Review FSA Life and Pensions

Since the Retail Distribution Review was first mooted, voices in the industry have been pointing out its primary flaw; the effect of the regulation is to put advice on financial matters out of the reach of the majority of the population, who could not possibly afford the advice they needed.
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Making Molehills out of a Mountain

September 13, 2012 Exaxe

Pensions UK Retail Distribution Review regulatory change legislation

The unprecedented amount of legislation and regulatory change taking place over recent years has put a disproportionate amount of strain on the systems and operational capabilities of insurance companies. This strain has led to many short term “mend and make do” IT solutions to solve the problems of the businesses they support.
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