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Article: Katz attacks scrapping of age 70 rule.(Harry Katz )(Brief article)
- Article from:
- Money Marketing
- Article date:
- May 3, 2007
CopyrightCOPYRIGHT 2007 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The FSA has been accused of dumbing down the rules by allowing Icob advisers to sell life insurance policies maturing beyond age 70.
Norwest Consultants principal Harry Katz says he has concerns over how many Icob advisers understand that many life policies need to be written in trust and whether they know enough about the inheritance tax ramifications of not doing this.
He says: "The dumbing down is inexorable. Regulation seems to be throwing the last 20 years away and moving back to the direct salesforce and the pile it high, sell it cheap and compensate tomorrow mentality."
Katz says Icob advisers are second tier and should not be allowed ...