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th July 2021 12:01 am
Advisers have raised concerns about Legal & General’s (L&G) tactics to secure meetings to understand “distributor processes”.
A distribution oversight manager from Legal & General Retirement Retail has been requesting an hour-long review meeting with advisers to fulfil regulatory “obligations”.
But some advisers have suggested the process appears to be more of an information gathering exercise or potential sales pitch.
Correspondence seen by
Money Marketing shows advisers have been contacted to arrange a review for L&G to understand the “distributor processes and approaches to gain invaluable feedback on [its] products and service”.
The email states: “Legal & General Retail Retirement Income take its obligations under the Financial Conduct Authority’s RPPD (Responsibilities of Providers and Distributors for the Fair Treatment of Customers) seriously and, as such, periodically conduct reviews with their distributors.”
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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