View more on these topics

&#39Big downturn for networks&#39

IFA network members saw business handling levels fall by as much as 39 per

cent over the last year, according to the latest research by Henry Samuels

Marketing Services.

The overall drop averaged 14 per cent, with private medical insurance

falling by an unprecedented 39 per cent and Isas and mortgage-related

business both plummeting by 18 per cent.

The report follows detailed interviews with 400 IFAs nationwide in April

and March this year.

The research also shows that 57 per cent of network members would seek

direct authorisation on leaving their network compared with just 15 per

cent who said they would join another network.

Product areas bucking the trend of significant downturns in business

levels were other protection products and group pensions, which both fell

by just 2 per cent.

Henry Samuels says: “There has been a general downturn in penetration

levels virtually right across the network sector, suggesting the current

business environment is encouraging members to concentrate their activities

on selected classes only.”

But networks are hitting back at the findings. DBS spokeswoman Sue Lewis

says: “Isa sales are down generally because of fear of investment in the

current climate and mortgage endowment sales are down because of the scare.

“But group personal pensions will have increased due to stakeholder and I

am surprised that PMI business has fallen.”

Recommended

Southern Pacific looks at the adverse credit market

Southern Pacific Mortgages has introduced the fixed rate adverse credit mortgage.It has a fixed rate of 6.75 per cent for loans of up to a maximum of 65 per cent of valuation. The rate will be fixed until September 1, 2002, after which it will revert to a percentage above the London Interbank Offered Rate […]

Website offers stakeholder admin for 50% commission

Direct-offer stakeholder website pensionbusiness.com is offering IFAsaccess to its online designation, admin and customer services in return for50/50 split of commission. The service allows intermediaries to outsource their stakeholderdesignation and scheme population. Pensionsbusiness.com is understood to be in talks with financial portalsto boost distribution of the service through the IFA channel. The online service, which […]

Sway is set to expand despite defections

Sway is looking to move into the generalist IFA conference arena with anannual summit to rival Pims. It also plans to expand its Senate programme to two investment conferencesa year in Monte Carlo in the summer and Malta in the winter. The news follows last week&#39s decision by Aberdeen, M&G, Invesco Perpetual,Schroders and SG Asset […]

Invesco Perpetual gets aggressive

INVESCO Perpetual has introduced the UK aggressive fund.This unit trust is designed for long term growth by investing in a portfolio of mainly UK securities, with some European securities as well. The fund is aimed at the experienced high net worth investor who is looking for long term returns by adding a high-risk fund to […]

Greece: the sideshow continues

Artemis managers James Foster, Mark Page and Laurent Millet comment on the Greek deal, describing it as “just another fudge” getting in the way of bigger developments in China, the UK and the US. To read the full article click here.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment