Time for Pensions to blow its own trumpet

September 05, 2017 Tom Murray

Pensions which magazine Life & Pensions financial services

Time for Pensions to blow its own trumpet A recent survey by Which? magazine found that the general public has greater faith in Banks than it does in pensions. Banking services are trusted far more than any long-term savings product such as pensions, by a margin of 40% to 23%. 
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Aviva buying, AIG innovating & Exaxe launching

Life & Pensions life insurance

  Aviva CEO – “We want acquisitions.” Speaking on Wednesday, the company’s CEO Mark Wilson announced at a Press conference that: “We want to turn Aviva into a fintech. We will do acquisitions in this space… I don’t mean billions, there’s nothing imminent.” “We believe what we have is world leading,” he said. “What we’re trying to do is fundamentally change the insurance industry. How long will it take? I don't know.” The company is said to be spending a minimum of £100 million a year on digital transformation and has established a venture capital fund that has £200 million to invest by 2020. It has already made six investments, with another imminent. Read More: Aviva CEO – “We want acquisitions.”
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LIFE & PENSION NEWS RECAP - RBS going Robo, tech is key of Auto-Enrolment & Pension Dashboard

March 22, 2017 Sharon Cronin

robo-guidance Life & Pensions robo-advice

RBS is on the road to Robo Advice
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Working in Life & Pension, what you should consider for 2017

December 21, 2016 Sharon Cronin

Life & Pensions

As the year comes to an end, we all sit down to think about what is ahead for our industry, the Life & Pension market, for 2017? How can you prepare for it… James Tuff from EY feels that regulatory reform will be a big part of 2017 for the Life & Pensions industry along with robotics, Brexit & gamification.  You can access his view by clicking here and read our own views below:
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A modest proposal to resolve the public sector pension crisis

November 02, 2011 Tom Murray

Pensions superannuation Life and Pensions Public sector pensions HMRC

It is upsetting for everyone to see public sector workers driven onto the streets in an attempt to preserve the meagre lifestyle that they have been promised after a lifetime’s devoted service on behalf of Her Majesty. The despair of the workers at the proposed delay in giving them their pensions and the significant reduction in value of those pensions can only cause distress to any decent citizen observing the situation.
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Actuarial Post: The Cloud definitely has a silver lining

October 25, 2011 Tom Murray

data security Pensions cloud Life and Pensions technology

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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