There is a war for talent in the pensions review area, according to the Resolve Partnership. ...
There is a war for talent in the pensions review area, according to the Resolve Partnership.
With this in mind, the group launched a specialist decommissioning service last week that aims to help IFAs and pension providers prepare for the final leg of their reviews into pensions misselling before the FSA's deadline expires next year.
The consultancy and actuary business claims its decommissioning service is the most comprehensive and independent redress service available and provides a degree of certainty, which otherwise would not exist. The team also includes former leading member of the FSA'a Redress Monitoring Team, Olawale Opayinka.
Keith Wiliams, director of Resolve, said: "Firms should already be well advanced with their plans to wind down and ultimately close their reviews. If not, there is a real risk that they will have insufficient resources to bring their reviews to a satisfactory conclusion."
Williams warned that IFAs failing to send out all their compensation offers could 'at the very least result in considerable embarrassment and potentially very significant penalties'.
Olawale Opayinka, consultant at Resolve, commented: "Even if a firm has employed satisfactory processes in the past, anxiety to meet the pensions review deadline may jeopardise the thoroughness and quality of future redress calculations. At Resolve, we assess past calculations while examining the processes and procedures currently being issued by firms to ensure all customers receive appropriate redress."
The deadline for the completion of pensions reviews set by the FSA is June 2002. It has been anticipated that millions of investors stand to receive compensation that could total around £13.5bn.
Firms interested in undergoing a consultation should contact Keith Williams or Olawale Opayinka on 01256 316546 or e-mail [email protected]
£300bn of liabilities
View from the front row
Transfer from occupational scheme
Appointed by FCA and PSR boards