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AKG Update Issue 21
13 May 2016
 
AKG on the road discussing DFM due diligence

AKG is currently out and about presenting to financial advisers on the subject of DFM due diligence. We are participating in a series of ten Brooks Macdonald Academies which are taking place nationwide. Further details about these CPD accredited events can be found at: www.brooksmacdonald.com.

AKG is discussing the importance of due diligence processes for advisers when selecting DFM solutions and partners, as well as suggesting a four-step process for carrying out robust due diligence exercises. One of the four steps is the requirement for advisers to know more about their DFM partner(s), i.e. carry out some form of assessment of the DFM itself, and this is an area where we will be primed to support financial advisers over the coming months with the introduction of our new DFM assessments and financial strength ratings. Please do contact us at akg@akg.co.uk if you would like to find out more about the development of our new DFM sector

Guy Vanner

AKG's Managing Director
The growing influence of technology in financial services

Comment from AKG was featured in FTAdviser’s April 2016 Guide to FAMR. The guide consisted of a number of articles related to the final FAMR paper published by the FCA and HMRC. One of the articles – "Rise of robos for pension advice" – looked at the future role of technology in the provision of advice and guidance, an area of the market that we are following with great interest. As we embark on our 2016 body of assessment work it is already evident that both provider and adviser businesses need to continue to invest in digital capability. Savvy application of technology in conjunction with good people and processes will serve businesses well as the financial services sector seeks to get to grips with how it can best employ technology. An ability to invest time and money in associated projects will therefore be crucial.

Matt Ward

AKG's Head of Communications
Rating Activity

Life Companies, Friendly Societies & Similar Providers

Aviva Investors Pensions Ltd
Overall Financial Strength
B+ [Confirmed] Issued 11 May 2016

Clerical Medical Managed Funds Ltd
Overall Financial Strength
Rating withdrawn 21 Apr 2016 [Previously B+]

ERGO Lebensversicherung AG (UK Life Branch)
Overall Financial Strength
B- [Confirmed] Issued 9 May 2016

Health Shield Friendly Society Ltd
Overall Financial Strength
B- [Previously C] Issued 3 May 2016

Life Insurance Corporation of India (UK Branch)
Overall Financial Strength
B- [Confirmed] Issued 25 Apr 2016

London General Life Company Ltd
Overall Financial Strength
B- [Confirmed] Issued 11 May 2016

Metropolitan Police Friendly Society Ltd
Overall Financial Strength
C [Confirmed] Issued 19 Apr 2016

Mobius Life Ltd
Overall Financial Strength
B- [Confirmed] Issued 11 May 2016

Pensions Management (S.W.F.) Ltd
Overall Financial Strength
Rating withdrawn 21 Apr 2016 [Previously B+]

Sanlam Life & Pensions UK Ltd
Overall Financial Strength
B [Confirmed] Issued 25 Apr 2016

Scottish Widows Annuities Ltd
Overall Financial Strength
Rating withdrawn 21 Apr 2016 [Previously B+]

Scottish Widows Ltd
Overall Financial Strength
B+ [Confirmed] Issued 21 Apr 2016

Scottish Widows plc
Overall Financial Strength
Rating withdrawn 21 Apr 2016 [Previously B+]

Scottish Widows Unit Funds Ltd
Overall Financial Strength
Rating withdrawn 21 Apr 2016 [Previously B+]

St. James's Place UK plc
Overall Financial Strength
B [Confirmed] Issued 11 May 2016

Transport Friendly Society Ltd
Overall Financial Strength
C [Confirmed] Issued 25 Apr 2016

Wiltshire Friendly Society Ltd
Overall Financial Strength
C [Confirmed] Issued 21 Apr 2016

Yorsipp Limited
Overall Financial Strength
D [Previously C] Issued 3 May 2016

Offshore Life Companies

Old Mutual International Ireland Ltd
Overall Financial Strength
B+ [Confirmed] Issued 7 Apr 2016

Old Mutual International Isle of Man Ltd
Overall Financial Strength
B+ [Confirmed] Issued 7 Apr 2016

Scottish Mutual International Ltd
Overall Financial Strength
C [Previously B-] Issued 19 Apr 2016

Platform Operators

Investment Funds Direct Ltd
Platform Financial Strength
B+ [Previously B] Issued 15 Apr 2016

Standard Life Savings Ltd
Platform Financial Strength
B+ [Confirmed] Issued 31 Mar 2016

Note: This section refers solely to our Overall Financial Strength Ratings/Platform Financial Strength Ratings.
Report Releases

Company Profile & Financial Strength Reports

Aviva Investors
Short Report – Issued 11 May 2016

Health Shield Friendly Society
Short Report – Issued 3 May 2016

London General Life
Short Report – Issued 11 May 2016

Mobius Life
Short Report – Issued 11 May 2016

Sanlam
Short Report – Issued 25 Apr 2016

Scottish Widows
Full Report – Issued 21 Apr 2016

St. James's Place
Short Report – Issued 11 May 2016

Wiltshire Friendly
Short Report – Issued 21 Apr 2016

Offshore Profile & Financial Strength Reports

Old Mutual International
Full Report – Issued 7 Apr 2016

Platform Profile & Financial Strength Reports

Ascentric
Full Report – Issued 15 Apr 2016

Standard Life
Full Report – Issued 31 Mar 2016
Report Withdrawals
No reports have been withdrawn since our last Update.
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