Written by Rory Gravatt on 14 August 2018
As seen in Pensions Expert on 14/08/2018
The Work and Pensions Committee is missing the point when it asks whether people understand the cost and value for money of their pension products – a recent FCA paper revealed that one third of those who opted for pensions freedoms don’t even understand where or how their money is invested. This is due in large part to the sheer volume of documentation consumers receive related to their pension, which can easily mount up to 50 pages of hard text. When it comes to this, less is more. Services like Nutmeg and PensionsBee are noteworthy due to the simplicity and ease of their customer interface. Businesses should make better use of video and online experiences to connect with savers and provide them with all the information they need. That’s not to say that the FCA should stop looking into whether people understand the cost and value for money of their pensions – rather, if the industry needs an action, let’s focus on keeping it simple for investors.
Improving treatment of vulnerable customers
Written by Sam Turner on 14 March 2019
The financial services industry is lagging when it comes to identifying and servicing vulnerable customers, putting them at risk of both regulatory and reputational damage. While some businesses seem to be making progress – writing vulnerable customer policies, training staff and adopting front-line techniques – there is still a lot to be done.
Altus Consulting joins Insurtech UK as consultancy partner
Written by Mark Andrews on 12 March 2019
Altus Consulting, a leading financial services consultancy, has officially become a partner of Insurtech UK, joining the first wave of associate members and partnership sign-ups of 2019. With the aim of becoming the definitive voice of the InsurTech community in the UK, the alliance has welcomed over 40 InsurTech start-ups since its launch in November 2018.