Benefits Canada’s Post

#UK Exciting Update: The Association of British Insurers in collaboration with Fair4All Finance has set a new #FinancialInclusion Strategy to transform #accessibility in #financialservices! Here's what's on the agenda: 1. Improving #Affordability: Initiatives to make motor insurance more affordable, ensuring everyone can secure essential coverage without financial strain. 2. Enhancing #HealthSecurity: Integrating insurance solutions in workplaces to manage health effectively, reducing the financial impact of ill health. 3. Bridging the #Retirement Advice Gap: Focused efforts to provide clearer, more accessible financial guidance for retirement planning #FinancialInclusion #InsuranceIndustry #SustainableFinance #UKFinance Brian Doe Read more in about the strategy below ⬇

Yesterday I spoke about the past period of adjustment for the professional indemnity market for financial advisers in the UK. Today it’s only fair I speak about the present. From 2022 to 2024, the market has been in a phase of cautious stability amid ongoing challenges. The effects of Pension Freedoms continue to repeat, with a steady flow of claims related to pension advice underscoring the need for stringent risk management and robust advice processes. Despite these pressures, there are signs of market adaptation: 👉 Insurers and financial advisers understand the risks better, leading to more sophisticated risk management. 👉 While still high, premiums are showing signs of stabilisation, reflecting a balance of risk perceptions with the realities of the advisory landscape. 👉 The FCA is tightening standards around pension advice and PII requirements, promoting higher professional standards and consumer protection. Still unsure what this means? I’m always happy to help explain, so drop me a message!

After some rumours over the last few months, Royal London is set to officially become the 10th insurer in the UK bulk annuity market, announcing a planned entry in its 2023 results on Friday. This follows M&Gs re-entry in 2023. Royal London has completed two internal buy-ins (c. £250m and £350m) of their own pension schemes, and in the results announcement Royal London said they have: “Extended our annuity capabilities in advance of an intended participation in the bulk purchase annuities market, focused on providing a competitive solution to the trustees of defined benefit pension schemes.” It’s unclear from the announcement exactly when they will begin to trade or what their targets are (in terms of total volume and types of scheme). But another interesting development in this fast-changing market. #bulkannuity #insurance #financialservices

Yesterday I spoke about the past period of adjustment for the professional indemnity market for financial advisers in the UK. Today it’s only fair I speak about the present. From 2022 to 2024, the market has been in a phase of cautious stability amid ongoing challenges. The effects of Pension Freedoms continue to repeat, with a steady flow of claims related to pension advice underscoring the need for stringent risk management and robust advice processes. Despite these pressures, there are signs of market adaptation: 👉 Insurers and financial advisers understand the risks better, leading to more sophisticated risk management. 👉 While still high, premiums are showing signs of stabilisation, reflecting a balance of risk perceptions with the realities of the advisory landscape. 👉 The FCA is tightening standards around pension advice and PII requirements, promoting higher professional standards and consumer protection. Still unsure what this means? I’m always happy to help explain, so drop me a message!

In an increasingly complex world, disputes between consumers and financial service providers are inevitable. The FAIS Ombud, Office of the Pension Funds Adjudicator (OPFA) and the National Financial Ombud Scheme (NFO) emphasize the crucial role of fair and effective dispute resolution services offered free of charge to all consumers by the Ombud Schemes. The first prize of course is not to fall foul of the regulations and this is where ACM can assist. Contact us: https://bit.ly/4aypxrC #FinancialServicesIndustry #FAIS #FAISombud #FSCA #treatcustomersfairly

Should you invest in a Pension? There are many myths surrounding pensions giving conflicting reasons why you might or might not invest in one. Our insight post aims to provide some clarity over why you might wish to consider it. https://lnkd.in/dSrFfDhq

The FCA recently announced that they will be looking to implement a traffic light rating for pension providers over their value for money. In doing so UK schemes will be made to publically disclose various elements of their schemes such as performance, costs and service quality.   This will no doubt be a nasty exercise for those providing poor quality, over priced schemes and will hopefully be a good way of eradicating these bad actors from the marketplace all together.    The financial community has been working hard to improve consumer outcomes and this is certainly a step in the right direction to ensure pensioners are being treated fairly.   It is unclear as to when exactly this will be implemented, but if you want to have your pension reviewed by one of our experts here at FSW and get ahead, please enquire via directly on LinkedIn or via our website. #financialplanning #wealthmanagement #pension

CPP announced its fiscal year results of 8% a.a in the last fiscal year, and an average of 9.2% a.a in the last 10 years which is one of the best results among Public Pension not only in Canada but in the world according to Global SWF.

UK Expats - Choosing a financial adviser should be based on at least these three considerations: fees and costs; qualifications; and pensions’ knowledge – specifically related to British pensions. #PensionFunds #UKPensionFunds #UKPensionsOverseas #UKPensionFunds #UKPensionTransfer #Aisa #AisaInternational #InvestmentPortfolioManagers

UK Expats - Choosing a financial adviser should be based on at least these three considerations: fees and costs; qualifications; and pensions’ knowledge – specifically related to British pensions. #PensionFunds #UKPensionFunds #UKPensionsOverseas #UKPensionFunds #UKPensionTransfer #Aisa #AisaInternational #InvestmentPortfolioManagers