A L i f e & Pe n s i o n s I n d u s t r y N e w s l e t t e r. 2012
TechLife
intelligent solutions for life & pensions
A double dip recession may overcome inertia // Tom Murray - Head of Product Strategy - Exaxe One of the key issues being addressed in the 2012 pension reforms is the reluctance of people to take responsibility for their own future welfare by engaging in long-term savings. This has been handled by entrapping people into pension schemes and playing on their own inertia to prevent them from opting out. At best this could be described as morally ambiguous. Inertia is a key driver behind the strategy to make more people save for their own future and thus ameliorate the looming crisis in state pension funding that is being driven by increasing longevity. Why has it come to this? Having failed over the decades to get people to start saving of their own accord the government commissioned various reports to try to come up with the answer. The committees thus endowed, notably Lord Turners commission, shied away from the guaranteed answer of compulsory pensions and opted for the approach of
scrutinised far more closely and without persuaders,
Therefore, the alternative is to reach out and engage
of interaction is highly automated and therefore
soft-compulsion, exploiting the key human weakness
they are likely to conclude that a pound in the hand
with the employees, an approach that runs counter to
low-cost; a key feature in schemes where cost control
of inertia to ensure that a large number of employees
now is far more useful than a future income stream
the idea of basing the whole approach on inertia. By
is a huge factor.
who were enrolled would stay aboard rather than
that isn’t terribly impressive anyway.
engaging with employees, it should be possible to
actively seek to opt-out.
bring about an awareness of the national problem and
As the new audience is generally, although not
Given this scenario, the industry needs to look at
how it will affect each of them personally. It should
exclusively, from the middle to low paid sector,
However, this policy was designed and decided upon
methods of making these reforms work. Inertia is
also be possible to educate them about what to
smartphone apps would seem to be the way to go.
at the time of the boom in the UK and amidst the
obviously not the answer. Two approaches that might
expect from a pension savings scheme so that they
These would allow people to see the value of their
global economic surge. The feeling at the time was
make a difference are either to move to compulsory
are not frightened by the ups and downs of the
own pensions and projections of future income and
that the general feel good-factor would ensure that
pensions or to engage with the customer in order to
normal investment cycle and should show how they
could also give them control of their investments
people would not examine the issue too closely.
ensure that they fully understand the long-term
can take control and protect their own future by
between the selected funds. All of this would
However, the world has turned and the
nature of the savings and have a proper expectation
maximising theircontributions to the scheme.
contribute to making employees feel in control of
ever-dominating global financial crisis is changing
of the likely outputs from annual reviews etc.
their own future and would encourage them to stay Those in charge of the qualifying schemes will need
attitudes across the population rapidly.
within the scheme.
Compulsion, while an ideal option, is politically
to think about how best to reach out to this new pool
The trouble with relying on inertia to keep the
infeasible at the current time. Insufficient effort has
of members; many of whom will never have been in a
Without this level of engagement, the economic
numbers up is, that for it to work, it relies on not
been made to increase awareness of the problems
formalised savings scheme before. Accessing these
downturn means that financial hardship will
engaging too strongly with the members so that they
with future pension provision and the general public
new members will be difficult via intermediaries,
overcome the inertia being depended upon, resulting
don’t think too much about it, especially at the early
are more obsessed with their day-to-day problems
given the cost of advice, so direct methods need to be
in a much higher level of opting out than is currently
stages when the annual statements and projections
and surviving the current downturn than in worrying
considered.
expected. If the numbers don’t add up, future
are likely to show poor returns and encourage
about their position in twenty or thirty years.
hard-pressed workers to opt-out or leave after a short
Consequently, the government would effectively be
The big plus is that large amounts of the population
unavoidable. This will also lead to more opt-outs and
time in the scheme. Now that so much of the
seen to be increasing taxation where they to impose a
are now happy to interact via mobile platforms and
begin a death spiral in terms of viability for the whole
population is struggling to make ends meet,
compulsory pension system and it would engender
social media. The advantage of this is that you are
project.
deductions from their pay packets are likely to be
major public opposition in the current economic climate.
engaging with them on their own terms and this kind
increases in costs for those who are in the scheme are
I believe the economic downturn means that a complete rethink of the strategy for auto-enrolment
Spreadsheets - The Ageing Actuary’s Friend // Mark Grall - Actuarial Analyst - Exaxe
needs to be undertaken before we end up with a costly failure that will inhibit future attempts to make
Is the Excel spreadsheet an ageing Actuary’s best
drudgery of repetitive tasks.We can then focus on the
Is the industry fear based on the assumption that
friend? It appears that the life and pension industry is
more difficult challenges that the future holds. Excel is
calculation engines would mean that actuaries would
meandering blindly into a world of endless spread-
merely a calculation machine, which continuously
only be needed for new calculations and to overall
sheets and reporting. Actuaries appear to be afraid to
needs reprogramming. Surely a pre-programmed
manage the system? I’m sure that no one actually
move away from the 2003 version of Excel despite
engine with discrete transparent calculations would
wants to spend his or her career in maintenance
those fears being largely unfounded. So why does this
provide a better basis for automating and document-
mode rather than tackling new areas. The correlation
fear persist?
ing actuarial formulae?
of the mortality of a spreadsheet and the author
people take responsibility for their own future.
In this issue
actuary are ever verging towards one.
A double dip recession may overcome inertia
Are spreadsheets really the optimal way to add value
Well, the good news is that the future has already
to our industry? Surely, the reluctance to move away
arrived. Configurable actuarial calculation engines
Secondly, automated engines mean that actuaries
from older models can’t be based purely on the fact
already exist and provide many benefits not readily
would be readily able to understand their peer’s
that bespoke spreadsheets make for astounding job
available to those who prefer the multitude of
calculations. This would provide more transparency
security. After all, despite these recessionary times, it
spreadsheets approach. However, there seems to be a
and surely improve our ailing market image. Greater
can’t be wise to snip the actuary who knows how the
reluctance to go down this route. Why and what
automation would likely lead to more mobility within
discombobulated array of figures actually work.Of
changes would the actuarial body have to undergo if
the actuarial industry. We should not be afraid of
course that’s not the reason, but there is no doubt
we were to move to using automated calculation
spreading knowledge across the industry by
that, actuaries appear to feel bound into a monoga-
engines as a standard?
becoming a more mobile profession.
Mifid II will encourage passporting
For a start this solution, once implemented, would
Thirdly, there is an ever-present risk that these
Exaxe reports 30% increase in revenues and job creation plans for next two years
eliminate the need for large actuarial teams, which is
bespoke spreadsheets contain errors. It is not
It appears that the next generation of actuaries feel
considered by many to be a frightening prospect.
unknown for spreadsheets, whose original author has
compelled to follow in the path of their professional
Maintenance would require vastly less knowledge of
now been turned out to pasture, to be left...
elders. Surely, we should grasp newer technologies
bespoke spreadsheets and we might even go as far as
with both hands and try to use them to automate the
to say could even be managed by a junior member of staff.
mous relationship with Excel till death, or possibly critical illness, do them part.
Spreadsheets - The Ageing Actuary’s Friend New Illustrate Plus iPad App Launched Are PRPPs the gateway to compulsory pensions? The cloud definitely has a silver lining
Exaxe Client wins 5 Star Financial Adviser Service Award! Why choose Exaxe?
Continued Page 2...
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intelligent solutions for life & pensions
Spreadsheets - The Ageing Actuary’s Friend (Contd.) Continued from Page 1
New Illustrate Plus iPad App Launched by Exaxe and consumers. The app is RDR compliant.
Calculations cannot remain as standalone expertise but need to be integrated with Internet systems, mobile apps
running with errors in. Many life insurance companies
Philip Naughton, Executive Director of Business Development at Exaxe says:
and potentially be put in the cloud.
have an entanglement of spreadsheets which frequently crash as this product was never meant to
The difficult part is to convince those more senior
be pushed to these limits. One saving grace is that
actuaries, now running the departments, that this is the
ever expanding computing power has made it
optimal strategy.
possible to sustain multiple instances of Excel operating simultaneously. However, this is merely a
One conclusion is clear; Excel 2003 has exceeded its
“plug the gap” solution at best.
expected mortality and is now being kept alive by actuaries who are too emotionally attached to it to agree
Are actuaries destined to remain wedded to
to switch off the life-support.
spreadsheets and become the major barrier to the growing public desire to access all information on their assets via smartphones and tablets? When other industries are moving to working ‘anywhere, anytime’ and are ‘always on, always connected’ there is a danger
By Mark Grall, Actuarial Analyst at Exaxe
that actuaries remain so far behind the curve that we hold back the entire life and pension industry. We don’t want to be seen as the’ Luddites’ of the 21st
Exaxe has launched a new iPad app to support its Illustrate Plus product and facilitate instant quotations for IFAs Exaxe, the specialist IT solutions provider for the Life and Pensions industry, recently announced the launch of its new iPad app to support its Illustrate Plus product and facilitate instant quotations for IFAs. The app will provide end users with the ability to process quotes on a remote basis and also supports Exaxe’s eApps feature which allows Straight Through Processing (STP) and to take a quote and apply for a policy instantly.
Century. The accessibility and flexibility of the app means users can maximise the benefits of Illustrate Plus allowing IFAs and providers by working more efficiently to speed up the quotation process for providers, advisers
For actuaries to take their part in the mobile world, a move away from spreadsheets is mandatory.
“The launch of this app is not only an excellent innovation in its own right but also enhances the well documented benefits of our Illustrate Plus product. Illustrate Plus supports new and existing business across all products supporting life, pensions, wealth management, group and individual business and this app will now allow our customers to do that in an even quicker and more efficient way, opening the door to actually process quotes whilst out visiting prospective or existing clients.” Naughton continues: “Often financial services has been slower than other sectors to adopt technological change to enhance the way it interacts with each other and its consumers. However, with innovations such as this app we are hopeful that the industry will adopt a more progressive and potentially profitable attitude to enhancements that can improve customer service and efficiency.” If you are interested in implementing an Illustrate Plus App in your business please call us on +35312999100 or email info@exaxe.com.
Are PRPPs the gateway to compulsory pensions? // Tom Murray - Head of Product Strategy - Exaxe Like most western countries, the level of pension savings in Canada is a major issue for the government, and increased life longevity is driving concerns about how Canada can provide for its senior citizens in the future. Canada has a three-pillar approach to pension provision, which consists of a basic non-contributory pillar (Old Age Security Pension, Guaranteed Income Supplement), a second pillar of statutory contributions (CPP, QPP) and a third voluntary pillar (group pension plans, RRSPs). Given the dramatic increases in longevity to date—and the fact that these increases are forecast to continue—Canada needs to look at its options to ensure that an ever-increasing section of the population does not sink into pensioner poverty. In order to extend pension savings among the populace, the majority of western countries are considering hard or soft compulsion. In Australia, they have already made superannuation contributions compulsory, with employers contributing 12% of each employee’s salary into a superannuation fund to be drawn on in retirement. In the UK, they are auto-enrolling all workers into pension schemes, with the opportunity for the employee to opt out. Are the Canadian authorities headed down the same route? Enter the PRPPs The arrival of the Pooled Registered Pension Plans (PRPPs) brings a dramatic change in the pension savings landscape. The essence of the change is to make it possible for those in smaller firms and among the self-employed to receive the benefits that are enjoyed by members of larger pension schemes, thereby encouraging them to join. This should result in better returns, enticing more people to start saving for their own retirement rather than relying upon the state.
PRPPs can significantly expand the numbers saving,
the general population. Forcing people to pay into
to pensions, which is one way to bolster the current
particularly because employers must facilitate savings
pensions feels like taxation, so the pension providers
system without increasing funding. However, there
via payroll deduction into the plans, which makes it
will need to engage the individual employees to
does not appear to be any major desire in Canada at
much easier for employees to contribute and to
ensure they take ownership of the products and
present to follow the U.S. example, where they aim to
maintain their contribution level. Another positive
realize the importance of building a substantial
increase the retirement age to 67 by 2024. The state
aspect of the PRPP regulation is that employer
pension fund to live on in retirement.
cannot afford to plug the gap—which means it is going to be very tempting for the provincial and
contributions, which have been shown to drive wages down, are not required. In effect, the employee always
The regulations for PRPPs allow individual provinces
federal governments to move to compulsory pension
pays and making the system easier to understand
to introduce auto-enrollment, and Quebec has already
savings as the only way to prevent a dramatic increase
gives employees more ownership of their pension-
announced a decision to take this line. Quebec is
in pensioner poverty.
hopefully making them focus more on the pension
following the UK model, allowing employees to opt
provider’s performance.
out of the scheme and hoping that the general lack of
Conclusion
interest in pensions will mean that the majority stay in
PRPPs complete the jigsaw for the Canadian third
But the question remains: Will the provision of
the scheme by default. However, this means that the
pillar for pensions, but whether the take-up is
better-value pension products be sufficient to increase
Quebec government is taking the approach that those
sufficient without compulsion remains to be seen.
the numbers saving for a pension, or will the federal
who are not sufficiently engaged will be relaxed
Given the scale of the problem in funding pensions
government and provinces be required to take
enough to permit the deductions to be made. Is it not
and the fact that longevity increases are not going to
stronger action by moving to a compulsory or
far more likely that they will immediately seek to opt
stop, it is hard to see how Canada can avoid merging
semi-compulsory system?
out from something they don’t understand, particu-
pillar two and pillar three during the next decade,
larly when the direct cost to them is so high? Surely
resulting in a fully compulsory system.
Is product enough?
the general population will see this as a special tax for
The establishment of PRPPs puts the foundation in
living in Quebec, unless the other provinces follow
place for moving to a semi or fully compulsory system.
suit quickly.
But of course, having the correct product is not sufficient for compulsory pensions to be accepted by
An alternative to compulsory pensions is later access
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The cloud definitely has a silver lining // Mike O’Malley - Chief Technology Officer - Exaxe headaches of service delivery and support to experts
market and to support them with real-time service
and allowing the pension providers to concentrate on
levels. This will enable them to attract today’s
their area of expertise.
generation of customers who already receive these levels of service from their banks.
What can it deliver for pensions?
Is the data safe? One of the primary fears about utilising cloud services is the security of the data. The flag-carrier for the
How can we utilise cloud solutions? The ever-changing world of technology is impacting
cloud-based approach has been Salesforce.com whose sales management services have been adopted
every aspect of our lives and the pension’s industry is
The question for pension providers is how best they
worldwide in most large organisations and this has
not immune. As the general population gets more
can utilise the cloud to provide the kind of services
helped calm fears over the whole data loss issue. Most
used to using the Internet, mobile devices such as
that will make them stand out from the crowd. The
large companies already have their sensitive sales data
smartphones, and tablets, as part of their everyday
answer lies in re-imagining the whole world of savings
in the cloud and therefore have already been through
lives, their expectation of being able to manage their
and investments in this current age. What will savers
the compliance issues involved.
pension savings using that technology is growing.
want in the future and how can we best provide it?
Subsequently, pension providers and advisers need to
Newer cloud strategies have moved to allay fears
Despite one’s best efforts, it is impossible to avoid
provide the type of services that people expect if they
In the past, the only time anyone requested a
even further by allowing the retention of corporate
hearing about “The Cloud” at the moment. Even
want to be seen as part of an individuals’ pension
valuation of their pension fund was as they
data within the organisation ensuring that data
non-technology based media seem obsessed by it;
plan.
approached retirement. Now, they will expect the
protection is fully under the control of the pension
kind of real-time valuation delivered to their phones,
organisation. The cloud services pull the data they
calling it the number one trend that can’t be missed. So what is it exactly is the cloud and how will it impact
The problem for most pension providers is that to
tablets and computers that they already get from their
need for service provision but do not store it on the
the pensions sector?
date their infrastructures are normally based in-house
banks. Cloud systems that can access internal policy
cloud, saving it back to the corporate data server
and are difficult to change, having evolved over the
data will allow this to be provided through proven
instead.
decades and been complicated by mergers and
secure interfaces.
What is the cloud?
takeovers during that time. The result is that many IT
The future is out there
The cloud is the name given to the external hosting of
managers in pension providers are struggling to
They will expect to be able to make changes that will
software services that are provided by software
maintain existing services across multiple legacy
take effect immediately. They will expect services that
The way forward for life and pension providers is to
providers, obviating the need for installing the
systems in order to provide support for current
allow them to change their investment profiles and
unshackle themselves from the legacy systems of the
software itself on a company’s own servers. This
business practices. This leaves them with great
switch their investments whenever they want and
past and to make use of the cloud approach to bring
allows companies to use new software without
difficulties when it comes to providing the kind of
from wherever they are; as they can get information
new models of pension sales and service that will
hosting the infrastructure or having to be responsible
‘anytime, anywhere’ services that people now expect.
rapidly from around the globe about the performance
resonate with the current generation. Cloud-based
of various markets, so they will need to be able to act
solutions bring pension providers the opportunity to
on that information immediately.
innovate quickly and respond flexibly to the faster
for maintaining and extending the systems as regulations and market needs change. It also
Given the big increase in the number of young people
facilitates a pay-per-use scenario that further reduces
possessing financial products due to the arrival of
the cost of ownership of the services.
auto-enrolment, the opportunity to reach this market
Use of cloud solutions will allow pension providers to
for further sales is huge, but it will have to be done on
provide these new levels of service without the
Those who do not embrace the new model may find
The systems can be accessed directly from the
their own terms and in a way that syncs with their
massive investment normally associated with system
that the cloud adopters will leave them standing in
Internet, allowing business analysts to immediately
own lifestyles.
changes. The ability to trial external software and
the rain without an umbrella.
configure the products and processes directly without
configure best of breed solutions into new services
the need for an IT project. It even allows providers to configure services utilising a number of external
moving more customer-driven market that is evolving.
without major upfront investment will allow the Enter the Cloud
systems and meshing them with their own internal
release of new services and will give providers the ability to rapidly customise those services based on
Cloud software brings an end to the restrictions
immediate feedback from their customer base.
imposed by existing legacy systems and enables
Ultimately, cloud solutions provide the flexibility to
Cloud systems are put in place by software providers
pension IT departments to aggregate best of breed
innovate that has been sadly lacking in the life and
and hosted in datacentres, transferring all the
solutions to provide new products quickly to the
pension industry.
systems.
Mifid II will encourage passporting // Kathryn Desmond - Business Development Manager - Exaxe The recent publication by the European Commission
If we are going to have a single market in investment
of the latest draft of the Markets in Financial
products across the entire European Union, and most
Instruments Directive II (Mifid II) has only served to
of us agree that such a market is desirable, then surely
increase the confusion around the distribution of
it makes sense to have a single set of regulations
investment products in the UK.
applying to that market.
It appears that the Commission is determined to ban
The FSA’s strategy of going further and faster than the
commission payments for investment products but
Commission in the regulatory approach is not doing
only for independent advisers and not for restricted
the UK’s financial services sector any favours and could end up damaging it by increasing the number
advisers, while the UK’s RDR regulations, which come into force at the start of 2013, will ban commission for
distributors from other countries. What was never
restricted advisor according to EU rules and they can
of IFA firms which relocate abroad and by encourag-
restricted advisers as well as independent advisers.
envisioned at the time was that some member
sell into the UK under the rules of the country
ing firms in other member states to increase their UK
countries would actually increase the level of
where they are situated.
operations.
This leads to an interesting scenario, which was never
regulation on their own industry, thereby creating an
really considered when the single market was
uneven playing field by giving their own distributors a
Ironically, on the same day as the Commission
When the FCA takes over, it should take note of this
envisioned. For a single market, the concept of
competitive handicap.
announced the Mifid rules, the Federation of
danger and perhaps try to work closer with our
European IFAs (Feifa) announced that they were
European colleagues so that the new regulations they
market-wide regulation makes perfect sense. Having the same rules across the Union would prevent
However, this is the position that the UK is putting
receiving an increasing number of enquiries about
wish to implement are adopted by the commission
individual countries from giving their financial
itself in by implementing more stringent regulations
passporting from UK IFA firms seeking to domicile
and applied EU-wide rather than doing solo runs
services industry an unfair advantage by having lower
than are proposed at European level. All any
outside the UK. The release of the Mifid II draft is
which could ultimately damage our industry.
levels of regulation or even none at all. It would also
company, either from an other member state or a UK
surely going to increase the numbers of those who are
provide a consistent approach for consumers,
one which relocates and ‘passports’ into the UK’ needs
considering taking this way out.
enabling them to deal with confidence with
to do to stay receiving commission is to become a
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TechLife
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Exaxe reports 30% increase in revenues and job creation plans for next two years Exaxe, the specialist IT solutions provider for the Life
business illustrations support for all of the books of
upgraded configuration tool Product Development Plus 2
and Pensions industry, recently announced a 30%
business administered by Capita, and will, upon
•
increase in revenues for the year ending 2010 and its
completion of this programme be used to support in
requirements across all components
plans to expand the business with the generation of
excess of 25% of all Life and Pensions policies in the
20 new jobs over the next two years.
United Kingdom.
The implementation of the RDR regulatory
Philip Naughton, Exaxe’s executive business development director added, “We are delighted with our
During 2010 Exaxe embarked on a market expansion
performance over the last twelve months as it
programme into Canada, Australia, New Zealand and
reaffirms our business strategy and provides the
the Nordics and is currently engaged in detailed
platform for our planned future growth and expansion
discussions with a number of potential clients in these
into new markets. We are particularly delighted with
markets. Throughout 2010 Exaxe also continued to
this growth in revenues and opportunity to create
This revenue growth reflects the continued success of
expand its offering through on-going development of
new jobs in the current economic climate which has
Exaxe’s innovative component based solutions for the
its other software components and utilities with:
been challenging; it proves that there is always an
Life, Pensions and Wealth Management sector. In 2010
Connect with Exaxe www.exaxe.com www.twitter.com/exaxe www.facebook.com/exaxe www.linkedin.com/company/exaxe www.youtube.com/user/ExaxeLtd
appetite for innovative business solutions especially
Exaxe secured a contract with Capita the leading BPO
• The launch of their new generation testing utility
where they have a proven track record of being cost
provider in the United Kingdom to licence Illustrate
Touchstone Plus (bringing their existing Test harness
effective and delivering significant business efficiencies.”
Plus® to provide full new business and existing
and Test Manager into a single solution)The release of their
Google Plus: Exaxe
Exaxe Client wins 5 Star Financial Adviser Service Award!
Why choose Exaxe? Exaxe has enabled Life and Pensions companies
MGM Advantage (Marine and General Mutual Life
launch new products faster, administer post
Assurance Society), previously known as MGM
retirement products more efficiently and respond with
Assurance, was established in 1852. Their initial
greater flexibility to the marketplace for over 15 years.
business was providing valuable life assurance to
At Exaxe, we provide expert solutions to companies
mariners and sailors and, over the years, they
around the globe which can be integrated into any
developed their range to offer pensions, investment
technical landscape. Our solutions are cost efficient
and protection products.
and our installation process is straight forward with quick delivery times; our implementations range from
Exaxe helps companies reduce their costs by
MGM Advantage was a niche player in the UK Life
L-R: Melanie Tringham (Features Editor - Financial Adviser), Claire
16 weeks to 32 weeks due to our technical structure
increasing new business acquisition with the ability to
Assurance Market. Their primary distribution channel
Barber (Head of Customer Service - MGM Advantage), Dominic
and implementation methodology.
use Straight Through Processing, and reduce costs in
was through their direct sales force. MGM Advantage
back office servicing. Exaxe solutions allow companies
had a 500k policy portfolio and a diverse product
Exaxe recognises changes in international regulations
to reduce the time to market with new products by
range. However, they also had multiple legacy systems
and the increase of new technologies will greatly
70%. Legislative and regulatory changes can be
processing in Batch.
affect life and pensions companies in the coming
implemented in one tenth of the time usually taken.
years. Exaxe solutions aim to keep your business on
Clients also benefit from improved customer service
MGM Assurance, as it was then known as, intended to
top of these changes. For instance Exaxe have made
by ease of administration and 24/7 realtime processing.
re-brand and launch the company to the broker community, a new channel for them. In order to
their products RDR compliant to address change in regulations in the UK. Exaxe have also developed a
Exaxe recruits only the best developers and analysts in
achieve this they needed to implement a new online
mobile app that supports instant quotations for IFAs
their fields and maintains a thought leadership
system which had the capability of processing Annuity
with full Straight Through Processing, to leverage
environment. All our staff is kept up to date with
type products online. They also required the solution
changes in technology, with a major shift towards
changes in our client’s business and technical
to have straight through processing including an
mobile/tablet computing.
environments.
online underwriting capability. MGM Advantage
Holland (Comedian and Host)
had short timescales for this project and begun a full selection process for a modern technology solution in October 2007. MGM Advantage went on to become a Five Star Award winner in the Financial Adviser Service Awards in 2011, and a Four Star Award winner in the previous three years in a row following the launch of their new channel. The Financial Adviser Service Awards are an independent measurement of who is getting it right, and who needs to do more work to keep their customers happy.
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