View more on these topics

&#39Up to 300 CFP sales staff moving to Allied Dunbar&#39

Allied Dunbar has signed up the lion&#39s share of salespeople from Lincoln-owned City Financial Partnerships, claim rivals.

It is understood that, of the 490 salespeople formerly emp loyed with CFPL, 120 have been hired by network Inter-All iance, 13 left to form the new IFA firm Lighthouse, 10 have gone to J Rothschild Assurance and the rest have joined Allied Dunbar or retired. Rivals says up to 300 may have gone to Dunbar.

The moves follow Lincoln&#39s decision in September to sell its tied salesforce of 1,017 RIs. The salesforce included the City Financial team which was slammed by the Consumers&#39 Association rec ently for “bad practice and misselling.”

Inter-Alliance says it only selected recent graduates it felt would make solid IFAs in the long run.

The company says each individual was interviewed and they will be put through a two-year training programme before they are allowed to practice under the Inter-Alliance name.

CFPL was attacked by the CA for not making its direct tie clear to consumers, for lying to potential customers and not disclosing sufficient product information. The company is being investigated by the FSA.

Inter-Alliance chief executive Stuart McGreevy says: “Direct salesforces are fundamentally flawed. Our goal is to find the best of them and convert them to IFAs. We have hired 120 former City Financial staff, the rest have gone to Allied Dunbar and Lighthouse.”

Allied Dunbar spokeswoman Sandra Paul says: “Zurich Financial completely denies these rumours.”

Recommended

Clerical Medical and Assureweb team up to offer bond

Clerical Medical’s classic with-profits bond is now available on Assureweb, the IFA internet portal. Assureweb in the first internet portal to offer a Clerical Medical product according to the life office. Clerical electronic commerce programme manager Colin Fowler says: “By being one of the first providers to provide this service, Clerical Medical aims to support […]

PPIA appoints seven new directors

The Pensions Protection and Investments Accreditation Board is appointing seven new non-executive directors. These are John Akerman of law firm Olswang, Roderick Chamberlain of Coutts Consulting, Jenny Kirkpatrick of The Strategic Partnership, public policy consultant Brian Pomeroy, Ann Robinson of the Harwich Haven Authority, Tina Tietjen of the Women’s Royal Voluntary Service and Helena Wiesner […]

A fair exchange

iShares – iFTSE TMTType: Exchange-traded fund.Aim: Growth by investing in technology, media and telecoms companies.Minimum investment: Negotiable with stockbrokers.Maximum investment: None.Investment split: Media 35 per cent, telecoms 25 per cent, IT 26 per cent, software and computer services 14 per cent.Place of registration: Dublin.Isa link: Yes.Pep transfers: Yes.Charges: Annual 0.5 per cent.Commission: None.Tel: 020 7668 […]

ABI welcomes FSA paper

The Association of British Insurers has welcomed the FSA&#39s consultation paper which sets out draft guidelines for providers on compensation for those who have been mis-sold mortgages. The ABI says the guidelines complement earlier advice given by the FSA Ombudsman and will be helpful to insurance companies dealing with complaints. It will provide a more […]

Where next for the price of oil?

Having stabilised at around $65 a barrel, many investors are questioning if the price of oil will rise, and when. Richard Hulf provides his view. Richard Hulf, manager of the Artemis Global Energy Fund, sets out his thoughts about how the oil price may move through the next six months. At the start of the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment