Round Up Spring 2019
Welcome to the third edition of Round Up. Spring is here! When we made the decision to revamp Round Up and produce a quarterly publication, we did wonder whether we would struggle to fill it. Unlike other publications of this type, we’re not allowing people to buy space, advertise or place articles. Instead we want to only publish content we think will be beneficial for you. As it happens, we need not have worried. A steady flow of regulatory and technical changes have made it hard to narrow down content. We’ve tried our best to include everything we think you really need to be aware of. The features section highlights new guidance and comments from within threesixty. Whilst the inclusion of guest articles allows us to invite third parties, with specialist knowledge, to talk about subjects that we’ve identified as important, and in need of a further expert view. In this edition, MorganAsh tackles a dilemma for many - ‘how much money do you need to save, and how long does it need to last ?’ We don’t know when our clients will die. ONS data can tell us averages, but are your clients average ? EIS’s continues to be a high risk area and only appropriate in a limited number of situations. Being aware of these is important so that suitable advice can be provided. Intelligent Partnership prompt us to ask five key questions when selecting an EIS.
Unlike previous editions, this edition doesn’t contain a PI feature. But, PI renewals are still one of the big challenges facing firms. In helping manage your expectations of any upcoming renewal, we thought we would flag that some insurers are adding what would be best described as a product levy. This was something suggested as part of the FSCS funding review, but was rejected as legislation change would be required to allow FSCS to be pre funded. Something that the government didn’t have the capacity nor desire to pursue. Nevertheless, some PII policies are incorporating specific premiums for each DB transfer case. Please do talk to us as you approach your PI renewal. It’s very important to position yourselves correctly, both with your broker, but also in how they position you with underwriters. I write this as I travel to a meeting with underwriters, to position threesixty clients as a good insurable risk for them. threesixty clients have, and invest in, a good culture and governance controls with long term futures. In my meeting with the FCA cancellations team in January, firms with DB exposure struggling to get cover was highlighted as the second biggest reason for firm cancellations, only second to consumer credit firms that became regulated for the first time recently, before realising that regulation was not for them! We hope you find this edition of Round Up useful. Let us know if you have any suggestions on what should be included in future editions, and if you wish to discuss any of the topics within, please don’t hesitate to contact us. Russell Facer, Managing director
Contents Quick catch up... Regulatory matters Technical matters Guest articles Managing longevity in draw down Five questions to ask when selecting an Enterprise Investment Scheme Features Getting to grips with product governance Maintaining competence How we can help you meet your CPD requirement ? Services Introducing targeted support Intermediaries and technology Getting the most from our core services Key contacts Why use threesixty research
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