Insurance and Protection Options Such as ASU, MPPI - Outline Example

?Question My investment option is to take a life insurance. Majority of the life assurance organizations avails a with-profits fund. As long as I continue paying the required premiums, a guaranteed minimum value is offered at maturity by these plans. I would be interested in investing in with-profits policies. This is a long-term investment where I will be able to benefit from insurance company’s profits and it is the company’s responsibility to also manage my policy. Here, the policy value has to increase overtime, as my money is invested and bonuses are awarded by the company. Bonus can be classified into two types namely; annual bonus also known as regular bonus and final bonus that is also reefed to as the terminal bonus. By investing in this kind of policies, I will either receive payment in lump-sum at a specified future date or will receive an annual income with the possibility of the investment growing with time. With-profits investment can be obtain through pension, endowment, bond, and even retirement income which are also referred to as annuity. All this are normally inclusive of certain life cover. My policy may also include other guarantees or options. Some of the pension policies possess a guaranteed annuity rate (GAR). This implies that when I retire the insurance company pays an annual set level of income as pension. GARs usually apply only to a specific date that is my expected date of retirement. This is specified clearly at the time of policy issue. In case I retire before or after the specified date, I might lose this guarantee. Another option that I will consider is the cash value life insurance. The cost in this kind of policy is high mainly because it provides wide variety of features and benefits. Among the outstanding feature of this life cover is the savings component that increases steadily with time. With the saving component in this kind of cover, I will be in a position to withdraw, invest and even borrow against. The reason for choosing this option is that since am purchasing the policy cover at a tender age and will maintain till old age, the premium that I will have to pay reduces. This kind of policy may also allow me to; utilize it as a security for a loan, or even use it in making payments for future premiums. Question 2. The protection options available for him include; Accident Sickness Unemployment (ASU), Mortgage Payment Protection Insurance (MPPI). Accident Sickness Unemployment (ASU) policy is classified as general insurance .If the assured individual cannot continue working as a result of an illness; he will receive an income benefit that is regular. After a deferred period that is usually one month, the income benefits become payable for a maximum period that is specified and in most cases it is either one or two years. Mortgage Payment Protection Insurance (MPPI) essentially is a branded insurance of accident, illness and unemployment that is focused at the mortgage market. The availability of this kind of protection is wide and pays the costs of mortgage in the case where as a result of redundancy and ill health the client is not in a position to work. Through this kind of protection, the client will able to sustain his lifestyle without incurring debts until when he returns to their normal working life. In the MPPI, the cover provision is usually at a fixed cost per 100 pounds of benefit. The basic cover can be structure to cover the repayments of mortgage. Other costs associated with the mortgage can be covered using the extra cover. The costs associated with the mortgage include; endowment premiums and contents insurance. Question 3a Individuals take life covers for the sake of their dependants support when they die. The life insurance replaces partly or all the income of the deceased. Some types of life covers develop cash value during an individual lifetime hence, they become legible to withdraw or to even borrow against. On buying a life cover, an individual has to inform the company the person who should receive the death benefits policy when one dies. The people who are specified are best known as beneficiaries. The major reason for the life cover purchase is to assist the beneficiaries to be able to maintain their living standards once the policyholder is no more. Life cover is not classified as an investment. This is because investments have financial risks in that one might make money and there is also a possibility that one might lose part or the entire investment. Life cove is unique in that there is a guarantee that the death benefits will be paid when one dies. There is a possibility for certain types of life cover to develop cash that one can utilize for retirement income. The agents and the companies however, are not supposed to classify life cover as a source of retirement income or an investment. The types of life cover include; term life, cash value life, or a combination of the two life covers. Term life insurance As compared to cash value life policies, term life policies are usually cheaper and less complex. The period of time of the term life coverage is certain. For example, it can be one year, five years, fifteen, twenty years or until when an individual attain a given age. The term life policy cost increases as one gets older. Those under the age of 40 years are paid the highest death benefits per premium pound. Savings component is not included in the term life policies. When an individual losses life in the course of the term, he or she is paid the death benefit by the insurance company. In the case where one is still alive during the term, the policy comes to an end and no death benefit is awarded. If one is still interested in the life cover, he or she has to renew the initial policy or purchases a different coverage type. The term life best suits families that are still young with children. The reason for this is that some require coverage for certain duration until when their children have all grown up and are able to meet their needs. The term life policies features that are common include; convertibility and renewability. First, convertibility is where an individual can exchange his or her current policy for equal value life insurance that is permanent. Here one is not required to undergo a medical examination or the process of underwriting. In this case one can transfer a 100,000 pounds convertible term policy to become a 100,000 pounds cash value policy without being interrogated on issues concerning health and medical history. Through conversion, one increases ones premium since the coverage cost for the cash value is normally higher as compared to that of the term life. Convertibility therefore, is a significant feature in the case where one’s health deteriorates and cannot qualify to get a policy that is permanent. In addition, through conversion to cash value policy, one is in a position to utilize the policy in the development of savings. Most companies however, allow their policy holders to convert the current term life policies only before attaining the age of 65. The second feature is renewability. In this case an individual policy may be extended for more terms regardless of one’s current health and without the need to pass medical tests undergone. This is perceived to be another time life cover advantage as one gets older or becomes sickly. Here the company has to renew ones policy even if he or she does not qualify to meet the company’s criteria of underwriting. It is possible to renew the term on every one, five, ten or even twenty years. At every renewal term, the premiums in general rise. For people who are over the middle age, they can get annual renewable premiums that are extremely high. One might wish to convert to other different type of coverage especially when they are paying renewable premiums annually that are high. The term life cover is paid out in three different ways. These are; first, level term coverage pays death benefit on similar rates throughout the term. An illustration of this is a level term policy of 20 years with a 100,000 pounds where the payment always remain to be 100,000 pounds regardless of whether the policy holder losses life in the fifth or even the fifteenth year. Depending with the policy, ones level tern coverage premium remains similar or increases at a rate that is scheduled. Secondly, is the decreasing term coverage that gives a death benefit that reduces throughout the term at a specific rate. In this case a decreasing term policy of 20 years may start with a death benefit of 100,000 pounds that decreases gradually by 5,000 pounds annually. If one dies in the eleventh year, 50,000 pounds will be paid by the policy. This kind of coverage best suits most parents because the financial support needs decreases as children approach the adulthood stage. The major disadvantage for this kind of coverage is that every year the convertibility value also reduces. Usually in this kind of cover, the premiums over the term remain similar. Finally, the increasing term coverage pays a death benefit that increases at a planned rate over the term. Here the scheduled rate in most cases is associated with the inflation. A clear illustration is a 20 year increasing term policy that may start with a death benefit of 100,000 pounds and rises by five percent of the face value annually. In case the policy holder dies in the twelfth year the policy gives an estimate of 155,000 pounds. The premiums in this kind of cover increases annually proportionally to the increase in benefit. The second type is cash value life insurance. This kind of policy is of higher cost because the features and the benefits provided are of a wide variety, in addition to the death benefit. The dominating feature in all kinds of cash value life cover is the savings component that rises with time. With the savings component, during lifetime one may withdraw, invest or even borrow against. Unlike that of the life term cover, the cash value cover initial premiums are usually higher. This is because the saving feature is also being bought. Generally, the increase of cash value premiums occurs at a slower rate. In the case where an individual purchases cash value policy at a tender age and maintains the policy up to an older age, the premium at that time will be lower as compared to the same death benefit of a term life cover. As a policy, each cash value premium portion is put into an account that rises with time. The growth of the amount may be at an interest rate that is fixed, be fixed to interest rates that are indexed or increase in accordance with the functioning of the stocks, bonds, or several other kinds of securities that are utilized while investing the account. There is a possibility that a policy may allow one to; pull out from the cash value, utilize it as a security for a loan, or even use it in making payments for future premiums. In the case where an individual take out all the cash value the outcome will be the cancellation of the policy and the coverage is brought to an end. In the case of death, the beneficiaries will either be given the death benefit policy or may receive the benefit and any cash value remaining. In the second option, the premiums are higher. For a policy to have a cash value that is significant, it takes duration of a minimum of three to five years. When one withdraws part or all the amount of money before a specified period the surrender charge will likely be high. In such a situation, one might also be responsible for the money’s income taxes. The most appropriate thing to do when one buys a cash value policy is to strive to maintain for a minimum of 15 to 20 years. Majority of individuals who buys these kinds of policies cash them in a short duration of five years, which is a financial mistake committed. The most common cash values variations include; whole life cover and the flexible premium universal life cover. Whole life insurance remains in place for ones whole life or when the policy is exchanged for cash as long as the payment for the premiums is done. In this kind of policy, one will not be able to renew. Premiums either do not change or increases at a rate that is scheduled. The main usage of the premium is to finance the death benefit, to fund the profit and the overhead costs of the company, and for cash value increment. Some of the policies of the whole life cover are; participating. This implies that depending on the cash value investment account performance, dividend might be paid. Usually, one has the option of; being given the dividend in form of cash, the dividend being added to ones cash value in order to buy more death benefits or one can even utilize it in the payment of future premiums. Secondly; there is no guarantee for dividends. Certain policies do not make the payments of the dividends in accordance with anticipated rate of the company. Others however, may go beyond the existing projection. It is important that individuals inquire about the history of the company’s anticipated dividends against the actual paid dividends. The second type of the cash value is the flexible premium universal life insurance. In this type one is allowed to make proper decision on the amount of cover, the premium ones pays, and the cash value that one desires to develop. Here, as long as the payments of the premiums are made and the cash value is not drained by the monthly deductions, the policy remains in place until the date of maturity. At the maturity date, ones cover comes to an end and the cash value is received. Some of the existing policies of flexible premium pay a rate of return that is guaranteed. Others are universal life policies that are variable and whose value mainly relies on the stocks, bonds, and other investments functioning. As a result, all the agents and the brokers selling life insurance have to sustain a federal license of securities, in addition to the state insurance license that is average. Flexible premium policies rules and terms of policy are complex. For one to fully understand the policy before purchasing, it is important to seek advice from a financial planning adviser. A flexible premium policy allows one at any given time to alter the amount ones pays for the premium, the death benefit, or even the cash value. When any form of adjustment is made, one or both areas will be affected. An example is that when an individual increases his or her premium, the cash value, the death benefit or both increases. Most flexible premium policies avails the alternative of lowering ones payments of premium below the amount required to pay the overhead expenses of the company. The deduction on that amount is then made by the company from the individual’s cash value. However, individuals have to be cautious when going for this option. This is because an individual will be required to begin the payment of the full premium amount from his pocket in the case where the cash value goes up to zero or else the policy falls. Hence, it is the responsibility of every company to inform its customers through an annual report highlighting the amount of cash value. This is important where there is a possibility for one to loss his or her policy as a result of cash value that is inadequate. Majority of the flexible premium policies possess a guarantee that is secondary or premium benefit that is no-lapse. The premium payment that is important in covering the deduction of the month is a primary guarantee. The policy is kept from lapsing by a secondary guarantee if the primary guarantee is not sufficient. Question 3b Accident Sickness Unemployment Insurance (ASU) policy is classified as general insurance and can be an alternative to permanent health insurance. This kind of policy is relatively cheap. It is important to remember that several different contracts can be obtained under ASU general category from diverse providers. The ASU policies are different as compared to life insurance contracts in that they handle probabilities and do not deal with certainties. According to the life insurance, the insured person lives or either dies. However, eventually the individual will die as that is the only outcome.ASU being a general insurance contract the occurrence of the peril may be just on one occasion, on several occasions or may not occur at all. If the assured individual cannot continue working as a result of an accident, illness or unemployment, he or she will receive an income benefit that is regular. After a deferred period that is usually one month, the income benefits become payable for a maximum period that is specified and in most cases it is either one or two years. Hence, this clearly differentiates the ASU from permanent health insurance (PHI) where the affected individual continues to receive payment for the whole period when they are unable to work due to incapacity. The benefit structure of ASU combines both the income and the lump sum benefits. In Mortgage Payment Protection Insurance (MPPI), the state strives to minimize its assistance level in the repayment of mortgage. Partly, it is to avoid the people’s need reliance on the provision of state that most providers of mortgage offer Mortgage Payment Protection Insurance (MPPI). Majority of the individuals who are taking out mortgage rely mainly on their current income to be able to sustain the repayments. Clients in all cases ought to be inspired to protect the loan in case of redundancy, ill-health or even death. MPPI essentially is a branded insurance of accident, illness and unemployment that is focused at the mortgage market. The availability of this kind of protection is wide and pays the costs of mortgage in the case where as a result of redundancy and ill health the client is not in a position to work. Through this kind of protection , the client will able to sustains his or her lifestyle without incurring debts until when they return to their normal working life. On death, some policies may repay the loan fully. In the MPPI, the cover provision is usually at a fixed cost per 100 pounds of benefit. The basic cover can be structure to cover the repayments of mortgage. Other costs associated with the mortgage can be covered using the extra cover. The costs associated with the mortgage include; endowment premiums and contents insurance. There might be possibility to take cover that is additional over and above the mortgage costs in order to avail protection to some household bills that are all important. However, the cost of policy is higher when the required level of benefit is advanced. Permanent health insurance (PHI) is meant to be source of replacement income in the case whereby one cannot continue working as a result of illness, disability, or even an accident. The term permanent addresses the concept of the insurer not being in a position to nullify the cover on poor claims experience basis. Hence, this clearly differentiates PHI from other short term covers that include; insurance on sickness and accident. The availability of PHI is classified to be a standalone policy where it is either a total protection program or on a basis that is unit linked. Moreover, availability of PHI can be on a collective whole-of-life plan option. The value of an investment may accrue hence enabling the plan to obtain a surrender value. This is only possible when the option selected is unit linked. In this kind of cover, the policy can be cancelled by the insurer in the case where the client does not sustain the payments of the premiums. In the same way, the policy can also be cancelled by the client. The perception is that PHI offers protection to individuals in the working class and whose income earned has to be substituted in the event where one can no longer work because of an accident or sickness. However, in this rule one major exception exists. Several companies provide the dependent partners with cover since it is necessary to provide income for hiring another individual to conduct the duties that were initially performed by the affected person. PHI is significant among the self-employed individuals who do not enjoy the safety net of an employer to support them when unwell hence, forced to look up to the state and to depend on personal resources. In most cases, PHI is applicable to personal protection but can also be important in a business setting. In business it will help in providing cover for the top individuals and to protect the existing partnership. Question 4 Every kind of business has risks as part of it. Hence, it is important to conduct an evaluation and to determine a given business insurance and risk management requirements. This way, it will be possible to provide appropriate tailored solutions that are suits every business. In business, there are several things that are beyond individuals’ control. Different hazards can be harmful and they include; floods, fire, earthquake, failure of equipments among others. Every business should be protected from such kinds of losses. In order to protect ones business and workers and also to comply with the existing laws, risk assessment is a significant step. Assessment helps to focus on various work place risks that matter, especially those with great potential to cause destruction. Financial products are significant when they provide proper protection to our property and family, incomes and business. Taking an insurance against events that are undesirable is not something pleasant to ponder about. However, the benefits of insurance that include; being secure financially and the ability to set aside various issues of finance during emotional hard period cannot be ignored. Business protection issue remains important for every individual especially the people in business and even the directors of a company. Most directors in their own companies in most cases wish to possess readily available funds that enable them to acquire their fellow directors business by buying out in case of death. Another case is where specific individual’s skills and abilities are significant in the running of business and its success. In such a scenario the proper decision might be to insure the key individual’s life. In most cases, business individuals focus mainly on insuring against public liability or even damage to property of their organization. However, majority do not put into consideration the impact on the company’s financial security that result from directors, partners, shareholders and top employers untimely death or even illness. To ensure the continuity of every given business, it has to be protected against all the unthinkable cases. The areas of business protection include; first, key person cover. Here a number of individuals who play a key role in the business success are identified. Business profits and even the company’s long-term future may be put to risk by the individual’s unexpected illness that is long-term or even death. Hence, in order to be able to minimize such kinds of risks in business it is important to put proper measures in place. Key person cover plays an important role in every business in that it provides the required protection against financial implication of key employee’s long-term illness or death. Second is share protection. When dealing with business protection, the main question to every business is the kind of plans in place where one of the directors becomes ill or dies. This applies to the situation where the directors are the business main shareholders. In most cases, when such incidences happens in business the shares of the affected director is handed over to his or her estate on death. In the case where the new shareholder is not interested to be involved in the operation of business the option will be to sell their shares. The likely outcome might be the company’s holding being transferred to any other outsider or even a competitor. In such a situation, share purchase or even partnership protection insurance plays a significant role. It helps the business in the retention of its control and ownership through the purchase of shares from the family of the affected shareholder of even the partner of the deceased. Most individuals believe that insurance mainly focuses on just buildings and contents. However, in real sense it is more than these, it considers that the individuals within a given business are important just like their workplace. It is important for every kind of business to identify the right cover for the best employees. Question 5 In the United Kingdom, Financial Services Authority (FSA) regulates all the financial services and markets that are within the jurisdiction. Financial Services Authority (FSA) is a sovereign, non-governmental, semi-judicial body. FSA is also known as (UKLA) UK Listing Authority because of its key role of stocks listing on a stock exchange as a competent authority. It also upholds the official list of securities that are traded on the regulated markets in the United Kingdom in accordance with the definition of the investment services directive. Initially, the financial services industry in the United Kingdom was fully self-regulating and several bodies possessed the regulatory powers. In 1985 however, the incorporation of the Securities and Investment Board Ltd (SIB) took place and was also granted specific statutory regulatory powers. All this took place in accordance with the Financial Services Act 1986. Self-regulation came to an end following Barings Bank collapse and within the SIB, regulatory responsibilities were amalgamated. In 1997, the SIB was transformed to become FSA, and currently practices the statutory powers passed in the Financial Services and Markets Acts 2000. Currently, the FSA responsibility is to regulate banks, insurance companies and various financial advisors, and mortgage business together with universal insurance brokers. The statutory objectives of the FSA according to the Financial Services and Markets Acts are; first is market confidence, here the main focus is to uphold confidence in the financial system. Second objective is public awareness: and the focus is to enhance the financial system public understanding. The third objective is the consumer protection that aims to secure proper level of consumers’ protection. The final objective is the reduction of financial crime: here the focus is to limit the possibilities of regulated individuals from being involved in financial crime. Several regulatory principles support the FSA statutory objectives. The FSA has to observe these principles when conducting its duties. They include; efficiency and economy: the FSA has to utilize its resources in a manner that is efficient and economical. Secondly is the management’s role: the main aim of this principle is to prevent the FSA from interfering with the company’s business when not necessary. The senior management of every company is held responsible for its activities by the FSA. It also ensures that a company fully complies with the existing regulatory requirements. Therefore it is compulsory that a company have in place; adequate risk management controls, selected outline of responsibility, and to ensure that its business can be monitored and controlled effectively. Thirdly is proportionality, when FSA imposes certain restrictions on a company it has to be in proportion with the expected benefits. In addition, FSA has to put into consideration the costs incurred by the companies and consumers. This is applicable to various regulatory requirements in the markets that include both the wholesale and the retail. The fourth principle is innovation, among the aims of FSA is to ease innovation in the activities that are regulated. This includes allowing different ways of compliance in order for the participants in the market not to be involved in several restrictions when new financial services and products are being launched. Fifth is the international character: the focus of the FSA is to uphold the competitive position of the United Kingdom by supervising the international financial services industry and collaborating with regulators from overseas. Through this, FSA is in a position to agree with the international standards. The final principle is competition: the FSA aims to reduce any contrary effects on competition that results from its activities and to ease competition within the financial sector in the United Kingdom. This involves the reduction of regulatory barriers to business expansion or even entry. The rules and the practices of the FSA on competition are under the supervision of the HM Treasury, the Office of Fair Trading, and the Competition Commission and have to be within the Financial Services and Market Act framework. The FSA remains accountable to the ministers in the treasury hence, to parliament. It obtains its funds only from the companies it regulates. This is through a combination of fines, fees, and obligatory levies. All the board members of the FSA are appointed by the treasury. It is also the responsibility of the treasury to outline the range of activities that require to be regulated. The board on the other hand, is involved in the decision making of the regulatory regime influence and also defines the general policy. The executive responsibility is to make daily decisions and is divided into three parts namely; the retail markets, the wholesale and institutional markets and the regulatory services. Each of these sections is guided by a managing director. An independent judicial body that is the Financial Services and Markets Tribunal exists. Its main responsibility is to handle appeals against the regulatory decisions made by the FSA. Question 6 Today, several challenges face occupational pensions and other kinds of pension schemes. The first issue affecting the future of pensions in the United Kingdom is population aging. Today in the United Kingdom, the ratio between the elderly individuals and the working individuals is increasing in a rate that is high. A clear explanation for this is the birth rates decline and the life expectancy increase. Hence, this has resulted in the number of elderly individuals increasing as compared to the population that are working. The outcome of this is that the retirement benefits demand has risen tremendously as compared to the available sources of funds obtained from the contributions of the employer and the employee. This situation may be addressed by putting in place three possible alternatives. They include; raising the taxes in order to pay the pension schemes, increasing individual’s pensionable ages, or lowering the pensions of individuals in accordance to the average earnings of the whole society. The implication here is that unless the appropriate measures are put in place the future of the pension scheme will remain uncertain and the likelihood is that it might even collapse. The other challenge is that several organizations in the United Kingdom with regards to occupational pensions are altering their strategies. In the ancient times companies used to put aside funds meant for the contribution of their employees’ pension scheme. The basis was mainly the traditional schemes that were referred to as the final salary or the defined benefit. However, today this is no longer the case. Instead, most companies in the current times have adopted different schemes where employees are suppose to contribute certain amount apart from the employer’s contribution(Bridgen and Meyer, 2005). Such schemes are best known as defined contribution or the money purchase. In this case, the employees only understands what is suppose to be paid in but are not informed about the expected earnings when the time of retirement comes. With regard to these changes that have taken place, several arguments have risen to justify. Among these are that in the current lifestyle the traditional schemes cannot be applied because of the tendency that individuals today change employers frequently. In addition to this, the life span is increasing resulting in employers having to meet the occupational pension contribution for a longer period than before (Barr, 2006). The difference in the current pension scheme and the traditional scheme has been attributed mainly to two main reasons. First, it is clear that unlike the past, the contribution towards the occupational pensions by the employers today is smaller while the contribution of the employees is more (Jackson, 2006). In addition, the expectation is that individuals will have to continue working until when they reach the age of 72 for them to be able to earn similar benefits as those of people who were in the traditional schemes. The implication here is that in the United Kingdom today, individuals have to be keen to save more than the individuals who were present during the traditional scheme or else they will be forced to adopt awkward choices. These choices include; working for a longer period or opting to retire at 65 and to face significant decrease in their income. Secondly, according to the forecasting in the next few years there is a likelihood that the returns in the long-term stock market will dramatically decrease. During the earlier few decades, the performance of the stock market returns has been well regardless of the recent economic crisis. Following this forecasts the possibility is that individuals will be forced to save more for their secure future, (Turner, 2006). Question 7 The Fraud Act 2006 is intended to protect investors and individuals from losing money due to asset misappropriations, tax evasion, bribery and misrepresentations (Bradford 2012, 132-200). According to CIFAS (2012), identified fraud cases increased from 77,642 in 2008 to 102,327 in 2009. Luckily, fraud on loans went down by 53% in 2009. This is due to tighter lending criteria by institutions. However, mortgage fraud on bank accounts increased by 10% in 2008. There was 10% increase in fraud cases from 212850 in 2010 to 236,500 in 2011 in the United Kingdom. This indicate that fraud cases increase each year at alarming rate and fraud victim looses thousands of pounds each year. It is estimated that on average, an adult in the United Kingdom loses about ?765 on fraud annually. This means that fraud regulation is not effective to reduce the number of fraud cases. Financial Service Authority (FSA) regulates collective investment schemes, which is land banking Scheme through Financial Services and Markets Act 2000. Section 19(1) of the Financial Services and Markets Act 2000 indicate dealers in collective investment schemes must be registered and licensed as authorized or exempt person. According to section 26 of the Act, anyone who contravenes this Act would have any monies and compensation paid to them recovered by the FSA. When this regulation was enforced, many companies selling plots in the United Kingdom have moved outside the European Union and would only sell plots the non-United Kingdom residents. This is because following the enforcement of the said land registration Act; most companies offering land plots have recorded losses in their investment schemes. Most of the companies have failed in their operations or have been shut by the FSA for failure to comply adequately with the act. In addition, there is a mass exodus by the land companies in the United Kingdom to Dubai or Singapore, countries that do not regulate such land schemes. Financial Service Authority issued a temporary ban on short selling on 18th September 2008 on financial stocks. The ban was necessary to restrict gains from spreading false rumors. This move signals to the market that there is something wrong in the financial stocks and cause price falls. This ban created confusions at chi-X Europe and BATS- Europe, which are part of the London-based trading platforms. To sum it all, investment regulation has somehow helped but it has not been effective enough to make the circumstances of customer better. Bibliography Barr, N. 2006. “Pensions: Overview of the Issues”, Oxford Review of Economic Policy, Vol. 22. No. 1, Spring, pp. 1-14. Bradford, A. 2012. The Investment Industry for It Practitioners: An Introductory Guide. New Jersey: John Wiley & Sons. Bridgen, P. and Meyer, T. 2005. “When do Benevolent capitalists Change Their Mind? Explaining the Retrenchment of Defined-benefit Pensions in Britain”, Social Policy and Administration, Vol. 39, No. 7. CIFAS, 2012. 2011 fraud trends: fraud levels surge upwards. http://www.cifas.org.uk/annualfraudtrends-jantwelve (Accessed May 3, 2012). Jackson, J. 2006. Occupational pensions: The New Law. London: new Commercial Pub. Co. Turner, A. 2006. Pension Challenges in an Aging World. 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