TISA welcomes the consultation into the creation of a secondary annuity market
TISA, the investments and savings membership association, has welcomed the Government’s consultation into the creation of a secondary annuity market and is, in principle, supportive of it as a natural progression of the pension freedoms already introduced.
Adrian Boulding, Policy Strategy Director at TISA said:
“We see a significant benefit to the consumer from the comparison of a second hand price to what it would cost new today as this will create a price pressure that drives up second hand values.
“The tax proposals also represent a reasonable approach and aim to provide greater clarity on the treatment of non-advice broker fees. We assume these will be treated in the same way as non-advice commissions since RDR and believe it would be inappropriate for insurers to face scheme sanctions for actions taken by other third parties following a surrender.”
TISA is holding a seminar in London on June 30, which will consider the post-Budget risks and challenges arising from this consultation. Harriett Baldwin MP, Economic Secretary to the Treasury and City Minister will deliver the keynote speech.
Further details on the seminar and TISA’s full response to the consultation are available on the Association’s website: www.tisa.uk.com
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For further information please contact:
Alistair Kellie – Telephone: 0207 680 6558 /Email: Alistair.Kellie@newgatecomms.com
Sara Neidle – Telephone: 020 7680 6543 / Email: Sara.Neidle@newgatecomms.com
Jessica Hodson Walker – Telephone: 020 7680 6538 / Email: Jessica.HodsonWalker@newgatecomms.com
Email: TISA@newgatecomms.com
Notes for Editors
TISA is a not-for-profit membership association operating within the financial services industry. The focus of our recommendations and actions is improved outcomes for consumers and UK plc with this approach leading to a stronger UK financial services industry.
TISA’s growing membership comprises over 150 firms involved in the supply and distribution of savings and investment products and services. These members represent many different sectors of the financial services industry, including asset managers, insurance companies, fund managers, distributors, building societies, investment managers, third party administrators, consultants and advisers, software providers, financial advisers, pension providers, banks and stockbrokers.
TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for the public. Effective policy and regulation and the creation of efficient industry infrastructure continues to be the major focus for our members. TISA is unique in that it represents the entire financial services industry, incorporating cross-sector policy, industry and technical expertise. Whilst we maintain a solid partnership with government, the regulators and wider industry, we remain independent and develop neutral views and opinions. This impartiality is reflected in our ability to drive development projects which improve industry performance and consumer outcomes, putting us in the unique position of being able to constantly challenge the status quo to bring about material improvement.