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市場調查報告書
引進Sandler Suite的提案：對於英國儲蓄投資市場的影響分析
Sandler suite of low cost products : What will the impact be on the UK saving and investment market?
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本報告已在2011年07月19日停止出版。
Sandler Suite 及盼望許久的提案制度可望改革英國現今的儲蓄投資市場。但是這個制度是否真的對於市場成長有益，目前還處於眾說紛紜的階段。
專門在各市場領域裡進行調查及分析的英國市調公司 Datamonitor Corporation（總公司: 倫敦），針對專門辦理中期儲蓄Sandler Suite進行詳盡地調查及分析，並歸結其結果出版綜合報告書 "Sandler suite for low cost product: What will the impact be on the UK savings and investment market?"。
此報告書基於針對 IFA 100 家、保險公司 8 家、 25 家銀行所進行的調查，除了分析各儲蓄投資商品的市場規模及通路，也探求有關「產業效用模式」的優點及使用可能性。另外也提及儲蓄增大政策是否有問題、及其代替案等相關議題。包括 36 張圖表及 90 頁的全文架構如下所示。
1. 摘要
2. 提案
- 說明
- 主要事項
- 價格上限規範制度是否有效?
- 提案制度是否有幫助？
- 下結論還早
3. 對於提案的市場反應
- 說明
- 主要事項
- 整體弱勢市場的反應
- 販賣著名品牌的意願極高
- 對於 IFA /供應商的販賣衝擊小
- 股票類商品獲利所需的時間較長
- 對整體利益來說，高額的保險費是必要的。
- 供應商對於價格斷層 1.5% 的反應是冷淡的
- 對於 IFA 來說提案制度根本不具威脅
- 產業界對於提案制度表示擔心
4. 市場規模
- 儲蓄市場的規模-政府的見解
- 儲蓄市場的規模-Datamonitor的見解
年金市場的規模-政府的見解
年金市場的規模-Datamonitor的見解
5. 通路
6. 新商業模式有效嗎？
- 說明
- 主要事項
- FEI 不採用委外的理由
- 委外的推動要素
- 新商業模式的定位
7. 政府對於彌補儲蓄斷層所採取的政策是正確的嗎？
Introduction
The proposed introduction of the 'Sandler suite' of products extends the
concept of stakeholder products to medium term savings vehicles. This, plus the
long-awaited advice regime for the sale of stakeholder products, has the
potential to revolutionize the savings and investment market in the UK. The key
question is whether the regime will really deliver the much-needed boost to the
industry.
Scope of this report
- Datamonitor's unique survey of 100 IFAs, 8 life insurers and 25 banks and
building societies provides a comprehensive assessment of market reaction.
- Independent estimates of the market size and distribution channel mix are
provided for each product.
- The report explores the merits and likelihood of an industry utility
model.
- The report gives Datamonitor's perspective on whether the government's
approach to increased saving is fundamentally flawed and discusses
alternatives.
Research and analysis highlights
- Product providers and distributors have delivered a muted response to the
introduction of stakeholder products, with the majority expecting little or
no impact on overall business levels. Providers show lukewarm response to
the increase in the price cap to 1.5% with few intending to use the cap
increase to increase commissions.
- Few providers foresee basic advisers threatening the IFA channel.
Providers believe that the limited product features of the stakeholder
suite, the nature of the IFAs' customer base, and their well established
position with that customer base means that there is little to worry about.
- The stakeholder 'seal of approval' goes some way to alleviating consumers'
wariness of buying insurance from the bancassurance channel. The reduced
costs of training and the formalized sales process also help to remove some
of the barriers to the success of selling such products using banks' branch
staff.
Key reasons to read this report
- Survey of the major FS players provides a unique and comprehensive insight
into provider reactions to the new products and advice regime.
- Datamonitor's independent forecasts for market size and distribution
channel mix are an invaluable source of information for the industry.
- Datamonitor critically assesses the emergence of an industry utility model
and looks at what the government should do to increase savings in the UK.
- Executive summary
- Introduction
- Provider reactions
- Market size
- Distribution channels
- Is a new business model needed?
- Is the government taking the right approach to plug the savings gap?
CHAPTER 1 INTRODUCTION
- What is this report about?
- Who is the target reader?
- How to use this report
CHAPTER 2 THE PROPOSALS
- Introduction
- Key findings
- Price cap - how will it work?
- Basic advice - how will it work?
- Why will basic advice be cheaper?
- Will the full stakeholder suite go ahead? The jury is still out
CHAPTER 3 MARKET REACTIONS TO THE STAKEHOLDER PROPOSALS
- Introduction
- Key findings
- Overall reaction is muted
- Large household names intend to sell the products but there are mixed
reactions from the smaller players
- Half of IFAs see little or no appeal for their client base
- Larger financial service players also have a low appetite for stakeholder
products
- Deposit account
- Unitized investment fund
- SIF
- SIF in the suite?
- Pension
- Child Trust Fund
- Smaller building societies have no appetite for stakeholder products
- Investment industry will not offer stakeholder products
- Providers and IFAs see little impact on sales
- Long time to profit for equity-based products
- High monthly premium level needed for profit
- Providers show lukewarm response to the increase in the price cap to 1.5%
- Little or no intention to spend increase in cap on increased commissions
- Industry prefers higher front-end charges
- Basic adviser not a threat to IFAs
- Few intented to employ basic advisers
- Industry voices concerns over basic advice sales process
- Jury still out on suitability of pensions and the SIF for basic advice
- Industry worried basic advice process will lead to mis-selling claims
- Most happy not to have a pre-scripted process
- Few disagreed on advisers limited role
- Industry agrees that a single product is best
CHAPTER 4 MARKET SIZE
- Size of the savings market- Government estimates
- Deloitte view
- Sensitivity testing
- FSA view
- Size of the savings market - Datamonitor view
- Market size for the deposit product
- Market size for the Child Trust Fund
- Market size for the medium term savings products
- Size of the stakeholder pension market-Government view
- Deloitte view
- FSA view
- Size of the stakeholder pension market - Datamonitor view
CHAPTER 5 DISTRIBUTION CHANNELS
- Assumptions underlying the cash estimates
- Assumptions underlying the unitized savings estimates
- Assumptions underlying the SIF estimates
- Assumptions underlying the pension estimates
- Assumptions underlying the Child Trust Fund estimates
CHAPTER 6 IS A NEW BUSINESS MODEL NEEDED TO MAKE STAKEHOLDER PRODUCTS WORK?
- Introduction
- Key findings
- Why do FSIs push back against outsourcing?
- Factors pushing towards outsourcing
- What will the position be?
CHAPTER 7 IS THE GOVERNMENT TAKING THE RIGHT APPROACH TO PLUG THE SAVINGS
GAP?
- Key findings
CHAPTER 8 APPENDIX
- Research methodology
- Datamonitor Financial Services Consulting
- Current publications
- Forthcoming publications
- Life & Pensions SPP Team
- How to contact experts in your industry
List of Tables
- Table 1: Estimated distribution channels for stakeholder products
- Table 2: FSA assumptions of salaries and training costs
- Table 3: FSA's estimates of total sales time
- Table 4: Estimated sales cost by channel
- Table 5: Outcome of basic advice compared to full advice
- Table 6: Breakdown of the Deloitte numbers of stakeholder savers
- Table 7: FSA numbers of stakeholder savers
- Table 8: Estimated market size using FSA assumptions
- Table 9: Estimated market size for stakeholder pensions using Deloitte
assumptions
- Table 10: Estimated market size for stakeholder pensions using FSA
assumptions
- Table 11: Estimated distribution channels for stakeholder products
- Table 12: Total equity based saving market 2000-2003
- Table 13: The total unit-linked life market 2000-2003
- Table 14: With-profits products as a share of the total life related
savings market 2000-2003
List of Figures
- Figure 1: IFAs see the new stakeholder products having little impact on
their business
- Figure 2: Insurers and banks believe the introduction will have little or
no impact on their business
- Figure 3: The high street banks will sell the stakeholder deposit product
- Figure 4: Providers have more appetite for the unitized fund
- Figure 5: With-profits bonds have collapsed since 2000
- Figure 6: Customers are open to persuasion on with-profits funds
- Figure 7: Half of insurers will offer the new SIF product
- Figure 8: A third of insurers are not convinced SIF should be a
stakeholder product
- Figure 9: Pensions are by far the most popular product
- Figure 10: Mixed views on the CTF
- Figure 11: IFAs see little change as a result of stakeholder products
- Figure 12: Providers also believe the new stakeholder products will do
little to generate significant new business
- Figure 13: Providers see a 15 year horizon for profitability
- Figure 14: No IFA consensus on the level of premium needed to make
stakeholderworthwhile
- Figure 15: Majority see the increased price cap having a small positive
impact on their business
- Figure 16: Few expect to pass on the price cap increase to distributors
- Figure 17: 40% of IFAs are concerned about basic advisers
- Figure 18: Few providers think basic advisers will be a threat to the IFA
channel
- Figure 19: Less than a third of IFAs are aged under 40
- Figure 20: Pensions and SIF not suitable for sales by a basic adviser with
no pre-scripted process
- Figure 21: Most are happy with the proposal to allow firms to design their
own sales process
- Figure 22: What is the biggest threat to the bancassurance model that you
employ?
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