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Joanna Hall |
Navigating tricky terrain
The current wave of pensions market consolidation is no coincidence. Providers are finding it increasingly difficult to make existing business models work. New business is incentivised by the search for new clients rather than building on existing relationships – which, in turn, has led to major churn within the industry.
To add to the current economic woes, the future impact of changing regulation such as the retail distribution review (RDR) will continue to erode margins if current business practices don’t adapt to today’s requirements.