Catch up on Money Marketing’s most popular stories this week. Tenet to offload ARs to Openwork and Primis following strategic review and Canada Life reports record-breaking annuity sales. Read more below:
Tenet to offload ARs to Openwork and Primis following strategic review
Tenet Group has announced that it will offload its appointed representative (AR) networks to Openwork and Primis following a strategic review. The deal will see TenetConnect, Tenet Group’s financial advice network, transferred to Openwork, while TenetLime, Tenet Group’s mortgage and protection network, will be acquired by Primis. The deals are expected to be completed by mid-2024.
Phoenix Group customer service agents ‘unaware of Consumer Duty’
A client of Phoenix Group has claimed that customer service representatives told them they had never heard of the Consumer Duty when they complained about service levels and demanded good customer outcome under the new duty. Phoenix Group has said that it has delivered training on the Consumer Duty to its senior staff, who have “cascaded this to their team members”. The client, a financial adviser with decades of experience, said the admission by the group’s customer service team was “shocking”.
Canada Life reports record-breaking annuity sales
Canada Life UK has announced remarkable growth in annuity sales, driven by an increasing demand for income-oriented products. In its recently published half-year results (August 21), the insurer revealed that new business sales for individual annuities have surged to £441m in 2023, a significant jump from the £220m recorded during the corresponding period in 2022.
The missing piece of the Consumer Duty jigsaw
The Consumer Duty is a new set of rules that will come into force in 2023. It is designed to ensure that financial services providers put customers first and deliver good outcomes. However, there is one key piece of the jigsaw missing: a clear process for sharing information between providers. Without this process, providers will be left to their own devices to gather information about customers. This could lead to duplication of effort and could also make it difficult for providers to get a holistic view of a customer’s financial situation.
Bravura appoints new global head of product
Bravura Solutions, a financial services software company, has appointed Greg Johnson as its new global head of product. Johnson joins Bravura from Nano Digital Home Loans, where he was chief executive officer. He has also held senior roles at Challenger Financial Services Group and AMP. In his new role, Johnson will be responsible for leading Bravura’s product strategy and development. He will also be responsible for driving innovation in Bravura’s products and services.
Two-fifths of adults under 35 plan to retire just after 61
Royal London’s research has uncovered that a notable portion, specifically 38%, of adults under the age of 35 intend to retire shortly after reaching 61. Despite the increased trend of employees beginning pension savings earlier, prompted by automatic enrollment, the mutual life, pensions, and investment firm has identified this trend as a “discrepancy between anticipations and actualities.”
Simon Collins: FCA has something to prove with Consumer Duty
Simon Collins, argues that the Financial Conduct Authority (FCA) has a lot to prove with the Consumer Duty. He says that the FCA needs to show that it is serious about protecting consumers and that it is willing to take action against firms that fail to comply with the new rules.
Guardian pays first critical illness cover upgrade claim
Guardian has paid its first critical illness cover upgrade claim. The customer had taken out cover with Guardian in July 2019, when the definition of Parkinson’s disease required a “permanent clinical impairment of motor function with associated tremor and rigidity of movement.” However, Guardian upgraded its definition of Parkinson’s disease in October 2019 to include “either an associated tremor or muscle rigidity.”
Former First Wealth planners launch next-gen advice firm
A trio of former First Wealth financial planners have launched their own advice firm, Finova Money. The firm will focus on providing financial advice to the next generation of clients, using technology to make the advice process more efficient and accessible.
Advisers cite service levels as main reason for switching platforms
A survey of financial advisers has found that service levels are the main reason why advisers switch platforms. The survey, conducted by Platforum, found that 30% of advisers cited service levels as the reason for switching platforms.
