The government's stakeholder range of savings have shown "disappointingly low sales", according to the latest life and pensions new business figures from the Association of British Insurers (ABI).
The figures reveal growth of almost 13% in life and pensions business in the second quarter of 2005, totaling nearly £3bn, compared to the equivalent quarter in 2004. But the government’s stakeholder range of savings products, which appear in the figures for the first time, reveal low sales of £92m.
Chris Kennedy, director of life and pensions at the ABI says: “The stakeholder range of savings products has so far failed to make any appreciable impact, and there is much still to be done in order to make the stakeholder concept work. We will continue to offer assistance. But action is also needed from the government and the FSA if these products are to achieve the role originally envisaged for them by Ron Sandler and others.”
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