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40% of IFAs would still recommend US funds

Despite the collapse of Enron and Worldcom, over 40 per cent of IFAs say they would still recommend US investment funds, according to George Street Research.

Its latest research, conducted for Money Marketing in July among more than 200 IFAs across the UK, found that only 17 per cent would be a lot less likely to recommend US funds following the scandals.

The research also found that 134 IFAs claim their PI premiums increased over the past year but only 10 per cent have noticed a serious impact on their business. Sixty-six per cent said they have experienced no serious adverse effects at all from the increase.

Informed Choice managing director Nick Bamford says: “In 2001, our premium was £2,750. In 2002, it went up to £8,400 and our excess doubled. These are pretty bleak numbers. It will not have a serious impact on business but looking at PI premiums in isolation does not give the whole picture. It is part of an overall trend of increasing costs and seems an excessive burden to cover risk in a well managed business that has never had a claim.”


IFA business profits reach almost £3,000 per RI

Misys is making a profit of almost £3,000 per RI, according to its financial results published last week.The Misys IFA stable of networks, which has 7,500 members, made a profit of £22m from IFA businesses in 2002, giving an average profit per IFA of £2,933.Total turnover through Misys&#39 IFAs was £408m while the financial services […]

Scottish Widows gets flexible with-profits

Type: With-profits bond Aim: Income or growth Minimum investment: Lump sum £5,000 Bonus rates: With-profits growth 4%, with-profits income 4.75% Allocations rates: 98.25-103.25% depends on age and premium level Charges: Initial 0.5%, annual with-profits growth 0.85%, with-profits income 1% Commission: Subject to negotiation Tel: 0845 8432111 BROKER RATINGS Flexibility 6.3 Bonus rate 2.0 Company&#39s reputation […]

Misys IFAs may have to switch

Misys&#39 IFA members could be forced to change networks as the firm revamps the structure of its distribution channels ahead of the FSA&#39s CP121 depolarisation plans.The company&#39s plan to float its IFA business as a single entity is likely to see a restructuring where IFA Network becomes the home for independent advisers while multi-tied advisers […]

N&P launch new fixed rate mortgage for Spain

Norwich & Peterborough is launching a new one year fixed rate mortgage and says it is set to reduce rates on its fixed rate mortgages in Spain and the UK from July 29. The new product is fixed at 4.38 per cent for one year up to a loan to value of 90 per cent […]

China: growth defence or another debt-fuelled boom?

By Douglas Turnbull, Head of Chinese Equities at Neptune Following recent stimulus efforts from Beijing, Neptune’s Douglas Turnbull examines how the government’s long-term reform agenda can be balanced with supporting growth and addressing structural challenges, and the investment opportunities arising from this.Click here to read more Important information: Investment Risks Neptune funds may have a […]


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