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400 IFAs ask about joining Portfolio &#39network&#39

IFA Portfolio&#39s pseudo network Anglo Caledonian is claiming to have had an "enormous" response which could make it the third-biggest network.

Chief executive Ian Mackinnon says Portfolio has received 400 enquiries from IFA firms which are interested in joining.

If all became members, the new network would rank in size behind DBS and Countrywide.

Portfolio is still debating the share structure of the new company.

It will own 60 per cent of the shares and the remain der will be offered to new members.

But it is yet to decide whether members who leave will be able to keep or be forced to sell their shares.

Mackinnon has confir med that, unlike rival Bank-hall, Anglo Caledonian will not be registered with the PIA.

He says: "We have had an enormous response from Portfolio members and non-Portfolio members, much larger than we anticipated.

"There is no need to be registered with the PIA. We are not giving investment advice and the members will be directly regulated.

"Anglo Caledonian is lik ely to be the name because it seems to be generally accepted."



1. Which of the following are correct in respect of the date January 31, 1998? a: It is a deadline for filing tax returns for 1996/97 b: Balancing payments will be due for tax year 1996/97 c: First payments on account will be due for tax year 1997/98 d: First instalment of assessment for 1997/98 […]

ScotEq achieves S&P AAA rating

Standard & Poor&#39s has confirmed a triple-A rating for Scottish Equitable. This covers local currency counterparty credit and claims&#39 paying ability. The credit-ratings agency commended ScotEq for having a strong level of capitalisation and business position, excellent expense management and good financial flexibility. It says ScotEq has a conservative investment strategy and believes the life […]

Cost fears sparked by Govt SSAS rethink

The Government&#39s plans to clamp down on abuses by small self-administered schemes threaten to hit schemes with additional costs. The Inland Revenue is revamping the rules governing pensioneer trustees of SSASs and is also tightening up on permitted investments in a bid to prevent trust-busting. The Revenue wants to stop investors transferring assets abroad to […]

DMB&B wins £1m KMC campaign

Specialist lender Kensington Mortgage Company has picked DMB&B Financial to run a £1m ad and brand-building campaign. KMC is planning to run ads in the consumer and trade press and on radio. It is also planning a direct-mail campaign and brand identity work. The campaign, expected to be worth at least £1m in 1998, will […]


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