Sandler Review

Below is a selection of our most recent updates on this subject.

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Strategies For Tackling The Savings Gap - Oliver, Wyman & Company Research

The latest Oliver, Wyman & Company research for the ABI shows that the success of a new breed of simple, regulated financial products could be threatened by price caps. The research estimates the £27 billion annual savings gap can be cut by up to £5 billion if sales regulation is kept to a minimum and companies can cover the costs of persuading customers to save enough to protect their future.
Thursday, August 22, 2002

Sandler Review: Investment

Recommendations include: the new qualification regime for financial advisers should be organised around, and focussed on, investment issues; either issue a new concise "Buyers' Guide or amend the existing guide; the FSA should extend its publishing of relevant data gathered from providers in order to promote competition, and thus serve consumer interests; the introduction of principles of investment for retail savings along the lines of those put forward for institutional investors by the Myners Review; and, the introduction of guidance for trustees of insured pension schemes relating to investment of funds.
Thursday, July 18, 2002

Sandler Review: Tax

Recommendations include: avoiding introducing new tax-based savings incentives if the aim is to increase aggregate savings levels; an overhaul of pensions taxation; changing the IPA rules to allow non-life companies to compete in the pensions market; qualifying life savings policy should be abolished for new business; and the 5 per cent tax-deferred withdrawal rule for life policies should be abolished for new business; the Government should introduce an SDRT-exemption for investment trust companies within IPA's which replicates, as far as possible, the present exemption for unit trusts/oeics; and the Government should revisit the maxi/mini ISA distinction, with a view to its removal.
Tuesday, July 16, 2002

Sandler Review: Regulation

Recommendations include measures to boost consumer education in financial matters, including more financial resources, a ring-fenced budget and a higher profile within the FSA. In addition, it is recommended that the KFD should be substantially shortened so that it discloses only a few important features, with a separate document with full product information available on request. It is also recommended that the FSA issues clarification of what constitutes mis-selling; publicises its willingness to give guidance about new proposed ways of working before they are implemented; and, continues to make efforts to quantify the overall cost to the industry of its regulatory system.
Tuesday, July 16, 2002

Sandler Review: Distribution

A key recommendation of the Sandler Review is that the use of the word 'adviser' should be restricted to those who meet the 'independence' criterion; and CP121 should be amended so that 'independence' is compatible with a sales-contingent fee, including one that is advertised in advance as such. The definition of 'independent advisers' should therefore be that they are advisers who are not paid by providers.
Monday, July 15, 2002

Sandler Review: "Stakeholder" Products

A key recommendation of the Sandler Review is for the introduction of a suite of simple and comprehensible products, that would be sufficiently tightly regulated to ensure that, with certain additional safeguards, a consumer could be sold such products safely without regulated advice. Three products are envisaged: a mutual fund or unit-linked life fund; a pension; and a with-profits product.
Monday, July 15, 2002

Sandler Review - Report Published

The Sandler Review has published its report "Medium and Long-Term Retail Savings in the UK". Key recommendations include a set of safer, good value, easy to understand ‘stakeholder' investment products. These would be able to be sold through a lighter touch regime for sales and advice of investment products; Reforms to with-profits policies to make their structure and management simpler and more transparent; and, tax measures aimed at simplifying the current regime for retail savings products. The FSA, Consumer Panel, ABI and IMA respond.
Monday, July 15, 2002

Sandler Review - Consultation Document On Retail Savings Launched

The review of the long-term retail savings market was set up at the recommendation of Paul Myners in his report on Institutional Investment. Ron Sandler who was invited to lead the review has now launched a consultation document requesting responses by 28 September 2001.
Monday, July 15, 2002

Review Of The Long-Term Retail Savings Industry

HM Treasury has appointed Ron Sandler to lead the "Son of Myners" review which will include consideration of the nature and quality of consumer advice; advisors' incentives and skills; and, charging structures for products.
Monday, July 15, 2002

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