Many are concerned about the state of the financial services industry. Outlined below are some of the reasons for the negative outlook.
At Tennant Life Benefits we are focusing specifically on changing these views by:
- Keeping all information absolutely up to date (we update our accounts monthly);
- Delivering outstanding service by treating every client with respect and always strive to go the extra mile;
- Surpassing expectations with turnaround time on claims;
- Being totally transparent with our activities;
- Providing the fund trustees with highly detailed information which enables them to make the best possible informed decisions.
Recent News Headlines
Worst pension fund named
Employers keep pension payments
Too broke to retire?
FSB probes 'secret profits'
Pension fund scheme shocker
Pension fraud in the spotlight
Regulations
The FSB is working hard to bring more regulation to the industry. The new regulated format of financial submissions brings a far more transparent picture of the health of each fund to the attention of trustees and the FSB. Many funds are behind their annual submission which naturally comprises the integrity of member information. There have been recent cases of funds whose records are in a mess and its members may not receive what’s due to them.
The FSB have investigated and are currently investigating various companies for secret profits they earned by not acting in the best interest of their members. An example of this is “bulking” where some administrators would use all of their funds to open a bank account with a favorable interest rate. They would then keep the extra interest as a secret profit.
Solution:
The solution, to the above is largely in the hands of the administrators. By adopting advanced technological solutions, being absolutely honest, delivering quality work within short deadlines and having the desire to look after each member’s interests, we at Tennant are trying to do our part in changing the state of the industry.