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1 | PERSONAL VIEW MARCH 2015 | PBFOR INTERMEDIARY USE ONLYFOR INTERMEDIARY USE ONLY

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2015... THE yEAR Of PROTECTION

CALENdAR Of EVENTS 2015

SuPPORTINg quALITy ‘AT RETIREMENT’ AdVICE

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2 | PERSONAL VIEW MARCH 2015 | 3

Last year built foundations for an exciting 2015 within the protection market. Turn to page 10 for tips on how you can maximise the opportunities that this has created to offer an even better service to your clients and increase your productivity.

Looking forward, the implementation of the EU mortgage credit directive (MCD) is now 12 months away. Find out what will change and what this means for your clients and your business on page 12. In addition, we explore the considerations that should be kept in mind when moving into the pensions flexible era on page 21.

Thank you for all of the fantastic feedback about Personal Touch LIVE (page 18). We have a variety of exciting events planned throughout the year. Turn to page 19 for more details; don’t forget to save the dates in your diaries.

I look forward to seeing you at an event coming soon!

Kind regards

Welcome…to the March edition of Personal View.

PersonalTouchFinancialServices @ptfspersonal-touch-financial-services-ltd

It’s good to be social!To enter our competitions, receive event updates and more connect with us on:

An Exclusive Offer

Spring Roadshows

2015…the year of protection

Eu Mortgage Credit directive

your Technology Preview

your Services

your financial and Propriety Team

Personal Touch LIVE 2015 feedback

Calendar of Events 2015

Supporting quality ‘At Retirement’ Advice

your AqR Team

04 09Auto-Enrolment Support Identity Checking Made Simple

06 08 10 12 1416

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The Hub can now support your business clients who are going through the process to ensure their employees have work-place pensions implemented, avoiding any unnecessary fines.

We have built a streamlined process to ensure we can assist your clients to make it hassle free for them. The Hub will handle the process from start to finish to take away the burden from you.

Which business clients can you help?Below is a table that will help you identify which of your clients will require an auto-enrolment solution in 2015.

PAYE SchEME SIzE OR REFERENcE STAgINg DATE

50-53 01 April 2015

Fewer than 30 with the last 2 characters in their PAYE reference numbers 92, A1-A9, B1-B9, AA-AZ, BA-BW, M1-M9, MA-MZ, Z1-Z9, ZA-ZZ , 0A-0Z, 1A-1Z or 2A-2Z 01 June 2015

Fewer than 30 with the last 2 characters in their PAYE reference number BX 01 July 2015

40-49 01 August 2015

Fewer than 30 with the last 2 characters in their PAYE reference number BY 01 September 2015

30-39 01 October 2015

Fewer than 30 with the last 2 characters in their PAYE reference number BZ 01 November 2015

What do you need to do?If you have any business clients who are coming up to their staging date this year, why not speak to one of our wealth managers within the Hub? They will talk you through the next steps and provide you with an overview.

You can simply phone 0121 767 1100 or e-mail [email protected].

How can the Hub help? The Hub can provide support and guidance at every stage of the process. We will:• Have an initial discussion with your clients and outline the process• Confirm and check their staging date with them • Present your clients with the proposition and provide a solution • Provide the administration support they require • Help provide the necessary communications to their employees • Answer any questions or queries they may have • Ensure a simple transition and they are all set up for their staging date

What will your client need to do? Your client will need to follow 3 simple steps:1. Book a meeting convenient to them with one of our wealth managers 2. Provide payroll details for their employees 3. Designate a point of contact

We are already receiving great feedback from members and our clients:

“I recently attended a client meeting with Ruth and Steve from the Hub, as they were discussing an auto-enrolment solution with my clients. I thought it went really well and their presentation was great. Steve and Ruth certainly enhanced my reputation! I will continue to see what other companies I can introduce to the Hub to provide this excellent service.”

Jim Paul Oxford Mortgage Company

More InformationFor any further information please call the Hub on 0121 767 1100.

Auto-Enrolment Support

After successfully implementing auto-enrolment ourselves at Personal Touch in 2014, we certainly know what work is involved and how time consuming and complicated the process can be.

Louise Evans Head of Client Referrals


So how is this newly-launched service different?Expert-to-expert support, first-class service and absolutely no dual pricing. That’s what we think has been missing in the market, and that’s exactly what we are offering. We’re now up and running and all set to do business with you.

How will this work?It’s important to be able to talk to the right person at the right time, expert-to-expert. Your highly experienced Business Development Manager will be on hand to discuss a case, returning your calls and emails the same day. You’ll also be able to talk directly to the underwriter if we refer a case to them. Not many lenders do that. Even our enquiry line is staffed by experienced intermediary advisors. It’s all about offering you the service you were missing in the market.

Does this mean decisions take longer?Not at all. We know a quick decision is important for you and your clients. But we also know you want a decision without false positives. Which is why we’ll ask for information or clarification on Day 1, not Day 21. After all, the last thing you want is a ‘slow no’.

TSB has launched something new:outstanding service for intermediaries.

What about technology?We’ve not only invested a great deal in our large team of BDMs, but in our technology too. Our market-leading systems can give an instant decision in principle in all cases. And if we can’t lend the full amount, we can make an Alternative Lending Proposal for how much your client can borrow. Our AIP will leave a soft credit footprint which will not impact on your client’s credit score.

Will this also make things clearer?Yes, absolutely. Everything is transparent because it’s directly accessible online: lending criteria, rates, affordability calculators and a full documentation list. At the end of the day, we want TSB to be the lender that brokers absolutely put their trust in. And the only way to do that is to deliver outstanding service. Which is exactly what we’re doing.

And will all your products be available from Day One?No, they won’t. To make sure we deliver outstanding service right from the word go, we’ll be phasing products in. To start with, we’ll be offering first-time buyer and home-mover two-year fixed and variable rate products. The remainder of our products – including buy-to-let and 10-year rates – will be available by April.

TSB Mortgage Intermediaries Director, Roland McCormack, explains.

Roland McCormack,Mortgage Intermediaries Director, TSB

“Expertise, great service and fast decisions you can rely on. That’s the difference with TSB.”

TSB Bank plc. Registered Office: Henry Duncan House, 120 George Street, Edinburgh EH2 4LH. Registered in Scotland, No. SC95237. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 191240. TSB Bank plc is covered by the Financial Services Compensation Scheme and the Financial Ombudsman Service.

See our products and try us today.Click intermediary.tsb.co.uk

FOR MORTGAGE PROFESSIONAL AND INTERMEDIARY USE ONLY.

81927_TSB_Intermediaries_Launch_Advertorial_A4.indd 1 14/01/2015 16:54

With 2015 just beginning, it couldn’t be a better time to start planning for the year ahead. You can now benefit from our newly enhanced recruitment offer.

We are waiving the adviser support fee for 12 months* for any new mortgage and protection or wealth advisers you recruit into your business.

During your advisers’ initial period of learning you can focus on helping them reach their full potential and achieving job satisfaction, knowing their support fees are taken care of.

* Terms and ConditionsOffer valid for 12 months from date of authorisation. Only valid on authorisations during 2015. New AR/RI must not have been authorised by Personal Touch within the last 12 months.

Grow your

business

Develop your

advisers

Help more

clientsSave £320 per month on new aDviser fees

ANExclusivEOffERo n a Dv i s e r r e c r u i t m e n t

uP TO

For more information or to take advantage of this opportunity, please contact your member resourcing team onE-mail: [email protected] Telephone: 0121 767 1063.

Give your clients advice on more areas

Write more business

Break into new markets

Support your current team

Get a better work-life balance

Move into new geographical territories

Drive profit and market share

Why recruit?


identity checking made simpleOur electronic verification initiative has been designed to make the advice process more efficient for you and help you get to know your clients even better. The intuitive technology streamlines the process, whilst helping you to remain compliant. This is now the primary form of identification for all standard due diligence transactions.

The BenefitsThere are a number of benefits that electronic verification can bring to both you and your clients:• Fraud reduced – the robust process will combat the risk of

accepting fraudulent documents at the verification stage.• Enhanced customer journey – your clients won’t need to find

and produce a number of documents, plus you will have more time to spend with them.

• Reduced costs – the cost of administration will reduce and the cost per check is covered by Personal Touch.

• Improved quality and productivity – less manual intervention is required which reduces queries, increases cases being approved at underwriting and delivers a positive message to lenders and providers.

• Streamlined processes – the system automatically screens politically exposed persons (PEPs) and sanctions databases so you don’t have to.

• Audit trail – it’s easy to store and retrieve electronic files, providing an audit trail and assistance in meeting compliance requirements.

Additional ImprovementsYou no longer need to complete and upload a CVI form, which removes unnecessary paperwork. The requirement to confirm that the due diligence process has been carried out has been incorporated into Toolbox.

Furthermore, where a driving licence or passport is used and it returns a pass, the requirement to certify, retain and upload the document to Toolbox is no longer required. This applies to both the face to face and non-face to face process. If the check is unsuccessful, all ‘Alert’ or ‘Refer’ results must still be referred to the financial crime team for further guidance.

More InformationThe Toolbox user guide and chapter 18 of the compliance manual have been updated to reflect these changes. You can find these in the Training Centre under the ‘Preventing Financial Crime’ section.

If you have any questions, please call the financial crime team on 0121 767 0996.

David DilkesSenior Financial Crime

Manager and MLRO

Join us for a day of:

• Engaging and informative updates from a great mix of provider and lender partners

• Hands on experience of our new and exciting network initiatives for 2015

• Expert advice on industry and technological updates

It couldn’t be easier, just follow the 2 simple steps below!

Pick an event to suit you

Tuesday 17 March, Scotland Beardmore Hotel and Conference Centre, Glasgow

Wednesday 18 March, North East Mercure Wetherby Hotel, Wetherby

Thursday 19 March, North West Haydock Racecourse, Merseyside

Tuesday 24 March, Midlands Scarman House, Coventry

Wednesday 25 March, South Solent Hotel and Spa, Hampshire

Thursday 26 March, London Holborn Bars, London

Register and book your place by visiting:

www.surveymonkey.com/r/q1roadshows

Spring Roadshows


2015...

charlotte PowerProtection Proposition Manager

Last year many developments took place in the protection market. Whether it was new sales tools being launched, talks of provider mergers, technology systems becoming more advanced or a growth in direct consumer advertising. With this in mind, there is no doubt that things are to set to become more exciting for us in 2015. All of the developments that we have seen, or are yet to see later in the year, will be a real benefit for advisers.

Moving away from product-focused adviceFollowing the introduction of MMR we have seen a growth in the mortgage market in 2014. A direct correlation with new protection sales was expected. However, with advisers’ time becoming stretched with longer mortgage appointments this wasn’t the case and GenRe reported a modest growth of 3.3% at the end of 2014.

Fortunately advisers are great at adapting to change and are now settled into the new world of mortgages. Now is the time to embrace protection and ensure it is a key driver within your business. This is not only to ensure your clients receive the right advice and solution to meet their needs, but also to build longevity into your business.

Moving away from a product-focused sale is fundamental for protection growth. As advisers it’s your job to ensure your clients understand the risks and the need for protection cover. Following this, the product will be something that will be brought into the conversation much later on. This will lead to a more holistic advice conversation with your clients and move away from just selling term assurance. All of which will help to build client trust, generate more income and write more multi-product advice solutions.

TIPAlways identify the protection risk first with your client and help them to understand and buy into the problem. Leave the product solution to the end of the conversation.

The ultimate goal is to raise client awareness.

Building client awareness We all know that as an industry, we need to focus more on making clients aware of protection cover and the risks for not having it in place.

Throughout 2014 we started to see a growth in direct consumer advertising from our provider partners. Whilst this may feel like they are competing for business, it will actually help when you have the protection conversation with your clients. They will see the adverts on TV or in the newspaper and be able to relate more to the conversation that you have with them.

In addition, the exciting launch of the 7 Families national campaign is great for advisers, as it will increase overall client awareness of protection.

TIPTry to incorporate sales tools into your process to highlight the need. Using LV=’s risk calculator as part of your advice process can help build clients awareness to the risks open to them by not having protection in place. Embrace direct consumer advertising and talk to your clients about the new VitalityLife TV advert with the ‘VitalityLife Dachshund’.

Technology is the real key to driving growth within the protection market. The way you and your clients interact with providers going forward is set to become quicker and slicker, which is something that we should all welcome.

Protection portals are now stronger in delivering a range of quotes to meet clients’ needs and budgets, whilst saving you time. We have a large range of protection technology solutions to suit your business needs including the market-leading LifeQuote system, the Xrae tool from Ipipeline and the new multi-benefit solution from Iress.

TIPUnderstand what you need to grow your protection sales; it could be a new approach to administration, a slicker quote process or a simpler application process. There are technology solutions out there to help overcome all of these problems.

the year of protection

TIP

SFI – Interest Only – Sale of Mortgaged PropertyAt Santander for Intermediaries we know it’s important for you to have the correct information to complete your client’s mortgage application.

We have recently introduced improved questions within our Introducer Internet Residential FMA, where Interest Only - Sale of Mortgaged Property has been selected as the repayment vehicle.

These changes do not affect Residential Interest Only applications where the repayment vehicle is by way of an endowment or managed investments or Buy to Let applications.

What’s changed?• All Residential Full Mortgage Applications (FMA) submitted where any loan part is on ‘Interest Only – Sale of Mortgaged

Property’ will require updated questions to be completed regarding the customer’s future plans within Introducer Internet

• Please note - You must fully complete the FMA Repayment Vehicle fields within our Introducer Internet, with the evidence retained on your file (including the Customer Declaration)

Our Interest Only – Repayment Vehicle Guide, Evidence Requirements Guide, Purchase and Remortgage Mortgage Input Forms have been updated to reflect this change.

If you have any queries about this change please speak to your dedicated sales contact or visit our dedicated website.


eu mortgage credit DirectiveWe are now just 12 months away from the implementation of the new European regulations on mortgage lending in uK law.

In January the government published legislation which will incorporate the EU mortgage credit directive, following on from a consultation process which saw the interpretation broadly welcomed by the industry.

Regulations set out to transpose the mortgage credit directive into UK law. It also contains other changes, including bringing the regulation of second charge lending into line with first charge.

In a bid to minimise disruption to both lenders and customers the government has waited for the European directive before implementing the latter.

What will change?As a nation we already comply with most of the EU rules. We have strong regulation with the power to ensure that people only borrow what they can afford to repay, as well as tackling any future risks to financial stability from the mortgage market at a much earlier stage.

Whilst Britain already complies with most of the new EU rules, the legislation implementing the directive contains some changes which include:

• Bringing the regulation of ‘second charge’ mortgage lending into line with ‘first charge’ mortgage lending

• Introducing a new set of regulations for buy-to-let lending, where the lending is to consumers rather than for business purposes

Although the changes outlined will not come into effect until March 2016 the government is putting these in place now, in order to give mortgage lenders and customers as long as possible to prepare for them.

What does this mean for you and your business?

The mortgage credit directive does not distinguish between secured lending on first or second charge on a borrower’s home, they are treated the same. Whilst clearly second charge lending is generally a much smaller loan, non-payment will still carry the same penalty, which is why it is logical to bring them both in line with one another.

Buy-to-let lending is the key area which will change before March next year. So, as widely expected, the new set of regulations for buy-let-lending is centred on consumers rather than for business purposes.

The existing definition of a regulated mortgage in UK legislation includes a requirement that at least 40% of the land is used by the borrower or a relative as their home. The mortgage is not regulated where more than 60% of the property is let out, even if the borrower also occupies a part of the property.

Under the new MCD rules a buy-to-let mortgage can only be excluded from the full requirements of the directive where, as a term of the contract, the property may not be occupied at any time by the borrower or a family member.

These changes offer more clarity to the buy-to-let market and ensure that the full advice process is given to the pleather of “accidental landlords” that have joined the market in recent years.

What do providers think?

During the consultation the treasury received responses from over 30 stakeholders, primarily made up of banks and building societies, but also included a spread of trade bodies and consumer groups.

Overall feedback was supportive, particularly in the government’s efforts to finalise rules as quickly as possible, although lenders have commented on the already tight deadline.

The government’s response was to make it possible for all firms subject to the MCD to adopt the revised rules up to 6 months ahead of implementation in March 2016.

What’s the next step?

So, in the interim, until the market is agreed and ready it is business as usual.

The buy-to-let market remains buoyant, with lending up 9% in 2014 compared to the year before. And with more than 1 in 4 landlords planning to increase the rent they charge tenants by more than 3% in 2015, triple the latest rate of inflation, the optimism continues.

Our lending panel provides a range of updated buy-to-let propositions, covering a vast array of customers’ needs. And don’t forget our established buy-to-let general insurance panel, offering specialist products to provide your customers with holistic advice.

Vikki Jefferies PowerMortgage Proposition Manager

If you do not have professional experience, you should not rely on the information contained in this communication. If you are a professional and you reproduce any part of the information contained in this communication to be used with or to advise private clients, you must ensure it conforms to the Financial Conduct Authority’s advising and selling rules. Birmingham Midshires is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ.

REMORTGAGING WITH BM SOLUTIONS. IT’S THE WHOLE PACKAGE.

Our remortgage-only products really are the whole package, combining £600 cashback and a valuation fee refund of up to £920. With remortgage rates starting from 2.69% and a choice of fee options, we give your clients the value and flexibility they’re looking for.

And for you, the benefits are just as comprehensive. We make life easier with a simple, straightforward application process as well as award-winning specialist service to ensure that you receive all the help and support you deserve.

Visit bmsolutions.co.uk

For the use of mortgage intermediaries and other professionals only.

PRODUCTION KH4599_bm_solutions_REmoRtGAGE_HousE_297x210 Proof: 1JOb N°: KH4599

Date: 11/11/14 size: 297 x 210mm Publication: master operator: CW

Technology plays an important and ever-increasing part in our busy working and private lives. It’s vital that we continue to look for ways to improve the technology that we provide so we can deliver both customer and member benefits. In order to do so, we regularly consult with members and review the roadmap for future development. This allows us to prioritise these developments and improvements to get the balance right in delivery.

2015 updates

We began the year by announcing our partnership with 27Tec to deliver MortgageSource, an integrated mortgage sourcing solution. In addition we launched EIDV, the electronic ID verification service for all mortgage customers, on Toolbox.

The next quarter will see the piloting and launch of the fully integrated mortgage solution to create a seamless process for researching mortgages and recording details.

future updatesWe are continuing to work on the partnering and deeper integration of the protection research portals. This will further improve the advice process and reduce the need for re-keying customer data. Our aim is to have a straight through process for protection advice, which promotes benefits and cost comparison whilst delivering online applications to providers.

Our Fact Find continues to evolve with your feedback. With it we can identify areas for improvement to develop a more flexible and intuitive approach to know you customer. A focus for the next quarter will be improved integration for the GI quote engine.

The updated mortgage suitability letter wizard is now available in Toolbox and has been a great success. The next suite of letters to be launched will be ‘new’ ISA letters.

Another development we have planned is improvements to the advice quality review process. This will include changes to the notifying and reporting of advice quality queries to advisers and member competency consultants. This will help resolve queries more quickly and accurately first time.

Have your sayYour feedback will continue to play an important part in our future developments. We are hosting a number of member forums to give you a platform to voice your thoughts and to ensure that we deliver high quality technology solutions for you.

If you would like to find out more about how you can take part in our member forums, please e-mail [email protected] or discuss with your member competence consultant.

Dave Edwards Member Services and IT Director

14 | PERSONAL VIEW

yOuRtecHnoloGy PREVIEW

Additional revenue

Hub referrals to help you

grow your business and

help more clients

Prompt payments2 commission runs per week paid on time

every time

Innovative technology

the latest solutions to enhance your processes

technical guidance, specialist knowledge and structured feedback from across the business

Help when you need it

our dedicated member contact team are ready to take your calls every week day

48 hour turnaround

times

SecurityExpertise

Tailored supportcentre of

excellence training programme, national account managers and member competence consultants will help you to achieve your goals

Peace of mindsafeguarding through financial checks and simplified regulatory guidance

Recruitment support

helping you source the highest calibre advisers

Quick commission resolutions

our compliance monitoring provides an oversight and ensures effective risk management is in place

16 | PERSONAL VIEW MARCH 2015 | 1716 | PERSONAL VIEW MARCH 2015 | 1716 | PERSONAL VIEW MARCH 2015 | 1716 | PERSONAL VIEW MARCH 2015 | 1716 | PERSONAL VIEW MARCH 2015 | 17

We have combined expertise from across the business, including member resourcing and the solvency and financial review team, to create your financial and propriety team. This will be lead by Tom Bacon and Subina Begum to ensure an efficient and accessible service is provided for you and your business.

What improvements have we made?We have listened to your feedback following completion of solvency and financial reviews. As a result, we have made changes to simplify the process including:

9 The automation of the process on Toolbox

9 A reduction in the level of requested information

In addition, we want to support you in recruiting quality advisers into your business. We have implemented a refined process centred on communication and transparency. We have also created an application criteria guide to aid you throughout the application process, which can be accessed upon request. Together these will reduce the time taken when authorising new advisers.

What is our aim?The improvements we have made will help to ensure that all members, whether existing or new, are fit and proper as well as financially sound.

This year all members will complete a financial and propriety review. Throughout the year we will send requests on Toolbox and we will contact firm principals by telephone to inform them of the next steps.

What are the benefits?In completing the review there are several benefits including:

9 Safeguarding your business and your clients

9 Keeping your clients at the heart of everything you do

9 Having peace of mind you’re part of a network that values high quality

By working together we can achieve this and deliver a high quality service for you and your clients.

How can you get in touch?If you would like a copy of the application criteria guide or if have any questions please feel free to contact the team at [email protected].

financialProprietyTEAM

yOuR

AN

dAnthonyAmes

Senior Compliance Manager

yOuR SERVICESWe believe that if you have the right services and support available you can pass on the good service to your clients.

Here is just an overview of what we have to offer:

If you have any questions please get in touch with the member contact team on 0121 767 1002 or at [email protected].

For more information about our innovative technology turn to page 14. If you would like to know more about the recruitment support available turn to page 06.


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Member comments

“A nice change to LIVE this year: one venue, huge networking, lots of new faces, positive interviews and many new ideas #gonnabeagoodyear”

“I consider that this is the best Personal Touch LIVE to date”

M T W

January 2015

T F

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5 6 7 8 9

12 13 14 15 16

19 20 21 22 23

26 27 28

22 - Annual Conference - PT Live

29 30

M T W

February 2015

T F

2 3 4 5 6

9 10 11 12 13

16 17 18 19 20

23 24 25 26 27

24, 25, 26 - Directors’ Club Lunch

M T W

March 2015

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9 10 11 12 13

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30 31

17, 18, 19, 24, 25, 26 - Quarterly Roadshows

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April 2015

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27 28 29

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18 19 20 21 22

25 26 275, 6, 7, - GI Workshops

20, 21, 22, - Directors’ Club Convention

28 29

M T W

June 2015

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29 30

9, 10, 11, 16, 17, 18 - Quarterly Roadshows

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September 2015

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21 22 23 24 25

28 29 308, 9, 10, 15, 16, 17 - Quarterly Roadshows

29, 30, 1 (Oct) - Protection Workshops

M T W

October 2015

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5 6 7 8 9

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26 27 286, 7, 8 - Directors’ Club Lunch

22 - Wealth Management Conference

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Novmeber 2015

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24, 25, 26 - Lending Workshops

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December 2015

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18 - PGA Lunch

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MARCH 2015 | 19

88% of attendees rated the day event

good or excellent

88% 75% of all

attendees rated the presentation content good or

excellent

75% 94% of

attendees rated the range of

exhibitors good or excellent

94% Most

presentations were attended

by over 75% of attendees

75% 213 attendees from

222 registered (record attendance

and record low drop-out rates)

213

“The informative presentations and variety

of providers”

“Some really good presentations, points and

discussions had throughout the day, which offered a

picture of Personal Touch in the year ahead”

“The location and the presentations

from LV= and Friends Life”

“I consider this the best Personal

Touch LIVE to date”

“The networking opportunity with

Personal Touch staff, lenders / providers

and other ARs”

“The speaker from Lloyds

Banking Group”

“Presentations did not go on for too long so kept my

attention”

“Wide variety of professional

knowledge available”

What did you like most about the event?

“Congratulations on such a successful event”Kate Buckley

Provider Comments

“Personal Touch Live was fantastic” Eddie Curran

“Great event, very well run and we thoroughly enjoyed it; a really good vibe and atmosphere to the whole day“Steve Hewett

“A pleasure to turn out for Personal Touch again and genuinely enjoyed the day and the evening event; there is a good buzz about all things Personal Touch”Darren Spriggs

2015feedback

For financial adviser use only. Not approved for use with customers

This tax year end is different, so equip yourselfThis tax year end is about more than maximising ISA allowances. With the pension reforms, your clients will need your help more than ever before.

From essential guides on the pension freedoms to ISA and pension client letter templates, we’ve got some serious kit to help you make the most of tax year end opportunities.

Download all the kit you need at aviva.co.uk/adviser/tax-year-end or talk to your usual Aviva contact.

Aviva Life Services UK Limited. Registered in England No. 2403746. 2 Rougier Street, York, YO90 1UU.

Authorised and regulated by the Financial Conduct Authority. Firm Reference Number 145452.

aviva.co.uk

LF90096 01/2015 © Aviva plc

106028026 LF90096 Tenet 210x297.indd 1 07/01/15 3:59 pm

With the end of the tax year looming, the traditional surge of new money into tax friendly investments will inevitably occur. This year though there is an entirely different slant on the traditional end of tax year rush, namely the flexible pensions era is about to begin.

The UK will join the USA and Australia, to name two, where there will be no restrictions when accessing pension benefits. The `holding’ period, which was created on 19 March last year after the Chancellor’s initial announcement, meant that many retirees simply chose to wait and defer any decisions on the shape of their retirement income. Many may have chosen to top-up their pension pot, but the big income decisions were deferred.

So what does this all mean for advisers? It’s a huge opportunity, as the state is clearly passing on responsibilities to individuals to make informed choices. Many clients will be looking for their advisers to help them create the optimum `retirement portfolio’ to ensure their needs are met. There will be some important foundations to these conversations and 4 key risks have emerged (on top of the obvious tax implications on withdrawals) that we should all keep in mind as we move into the `new world’.

These include:

9 Longevity – outliving your assets 9 Flexibility – unable to access assets when needed 9 Volatility – volatile returns impacting income 9 Inflation – income falling in real terms

Longevity risk has always existed and was traditionally met by annuity products or drawdown with safety caps in place. 70% of clients still highlight secure income for life as their key priority, so the longevity discussion will be a key one ensuring the client’s essential outgoings are met.

The other 3 risks will be equally as prominent from April. It is likely that many clients will require a blended approach to retirement, as they break down what is their essential income compared to desirable withdrawals, and manage their later life aspirations in a tax efficient manner.

We are here to support you on this journey, as we finalise our guidance to help you formulate quality retirement solutions for your clients.

supporting Quality ‘At Retirement’ advice

Simon HewittWealth Proposition Manager

MARCH 2015 | 21


your AqR team

david dean – Head of qualitySince beginning my financial services career in 1997 as an adviser, I have held various senior positions in different areas including training and competence, quality assurance compliance, risk and operational audit.

I joined Personal Touch this year and I am responsible for the operational management of the department, ensuring the integrity of advice results in positive outcomes in line with regulatory expectations. To achieve this I will continually develop the risk mitigation and review the AQR environment. As part of this I particularly enjoy the dynamics of the role as there is always something new on the evolutionary horizon.

When at home, I like to try and keep fit by swimming, running, hiking and the odd gym session. I also play the guitar (badly) and enjoy travelling.

following on from the AqR process article last month, we would like to introduce your new head of quality, david dean, and the AqR team.

Winston Jones – quality ReviewerPrior to my 4 years in this role I worked as a mortgage manager. My current role involves reviewing the suitability of advice given by our members on mortgage, protection, equity release and general insurance cases. I enjoy the fact that I am providing a service to our members that minimises the sale of unsuitable products by encouraging best practices before, during and after a sale. It is important to me that I am helping our members achieve a good customer outcome. Outside of work I enjoy family time, socialising with my friends and going to the gym.

Caroline Bird – Senior quality ReviewerI have worked in financial services for over 30 years with the last 3 years being spent at Personal Touch. I initially joined the company as a paraplanner before moving to advice quality review. I am responsible for checking advice on investment and pensions. Within this role I really enjoy the variety and the working environment my colleagues create. In my personal life I enjoy going to the cinema, theatre, eating out and going on cruises.

Liz Wilkie – quality ReviewerI joined Personal Touch in 2007 starting out with the quality team and then moved before returning to the quality team last year. I use my knowledge as a previous mortgage and protection adviser to review mortgage and protection cases. I enjoy working with advisers to ensure the best outcomes are provided and the variety of cases we look at each day. Outside the office I love festivals, the theatre, nights out with friends and most of all spending time with my family.

gary Edwards – quality ReviewerI have worked at Personal Touch for over 12 years now –where does the time go? Prior to this I spent 9 years working as a financial adviser and 2 years working in a compliance role. I now focus on wealth case reviews to ensure the best recommendations and outcomes are provided for clients. The role can be really varied on a daily basis and I enjoy the team environment and responsibility this brings. Outside of work I enjoy playing and watching football - although injuries and age have unfortunately made me hang the boots up over the last year. I also enjoy going to the gym, playing golf and travelling to sunny climates (the perks of having a daughter who works for Virgin Atlantic).

Lauren Bird – quality ReviewerI’ve been part of the quality review team for 6 and a half years, reviewing mortgage and protection advice. Alongside this, I also help members with any queries they may have with regards to compliance requirements. In my role I use my practice manager experience to help assist members, as this gave me insight into the role of an adviser and what it entails. It’s a great feeling knowing that I help to ensure clients receive suitable advice, plus the team works really well together and we have good team spirit. At home I’m currently planning my wedding, so most of my spare time is used to do this. Other than this, I enjoy travelling and going to the cinema.

Victoria Brady – quality ReviewerBack in 2008 I joined Personal Touch in my role as a mortgage and protection case reviewer. Before this I worked within customer services for a high street lender. The thing I most enjoy about my role at Personal Touch is ensuring the end consumer is getting the best possible outcome for their circumstances. There is also great team spirit within AQR and I feel we work well together. When I’m not at work I enjoy spending quality time with my young family.

Neil Britnell – quality ReviewerI have had great insight into what our members’ jobs involve from my previous self-employed mortgage consultant role. This has helped me build empathy and trust when reviewing mortgage and protection cases for the past 4 years. The thing I enjoy most about my role is ensuring that both advisers and Personal Touch are protected and that customers are getting the best advice. I also enjoy the comradery of the team; we work really well together and help each other when needed. Outside of work my wife and I enjoy growing organic food on our allotment, so our family can eat healthily. Plus we like to spend time watching and photographing the wildlife in our local nature reserve. We also love to dance, including ballroom, Latin or modern jive.

Jacqueline Bennington – quality Team AdministratorSince 2013 I have been responsible for identifying any missing, incorrect or incomplete documents. I have then highlighted these to members for remedial action prior to a full advice review being undertaken. My previous roles, within the retail sector running my own business and receptionist roles, have provided me with customer focus, a confident telephone manner and administration skills. As part of this I enjoy helping members obtain a high standard of documented cases. My hobbies include going to the theatre, eating out, gardening and painting.

CHANGING HEALTH AND LIFE INSURANCE FOR GOOD

It’s easier to talk about health and life insurance that helps make your clients healthy.

If you think I’m cutting down on biscuits, think again.

Now isn’t that a conversation worth having?

vitality.co.uk/conversation

Instead of talking about insurance that just sits there waiting for something bad to happen, Vitality is changing the conversation.

We reward customers for getting active from the word go.

PV March 2015 WEB

Documents

Transcript of PV March 2015 WEB