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Abbey slams rivals over &#39hidden&#39 wrap charges

Abbey has slammed other wrap providers, claiming that their charging structures are too difficult for consumers to understand.

Abbey, which is cutting the minimum annual charge on its Sipp-only wrap from £600 to £300, says providers are deviating a long way from the Datamonitor report definition of a wrap which was published last December.

The firm says a wrap should incorporate all product wrappers, open architecture, a full suite of financial tools, online availability and a single transparent price. It is the last requirement which Abbey claims rivals are neglecting, with seemingly lower-priced offerings which it says have hidden margins on transactions, funds and cash.

Director Ambrose McGinn says: “I would like to see more providers follow our lead, being open and up front in terms of costs for their wrap service.”


Virgin buys final 50 per cent of Virgin Money

Virgin has purchased the remaining 50 per cent share in Virgin Money Group, paying £90m for the joint venture it set up with investment management group HHG. HHG, the listed company which comprises the UK businesses formerly owned by Australian giant AMP, will receive £50m now and two further instalments of £20m after 12 and […]

Equitable QC moved policies before House of Lords judgment

The barrister representing Equitable Life policyholders in the House of Lords case over guarantees moved £700,000 of his own policies days before the judgment, according to media reports. Jonathan Sumption QC moved the funds a week before the court decision although he did keep one non-pension policy with the stricken life insurer.

IPR bespoke service for small IFAs

Investment research company Investors Partnership Research is designing a bespoke portfolio management service for small IFA firms. The company is in negotiations with several big IFA networks and nationals to provide them with bespoke discretionary portfolio management services. It plans to develop a scaled-down version of the service using a software package for smaller IFAs […]

West Bromwich Building Society- Five Year Fixed Rate

Type: Fixed-rate mortgage Fixed term: Until May 31, 2009 Fixed rate: 5.64% Minimum loan: £25,001 Maximum loan: Up to 95% of valuation subject to a maximum of £500,000 Income multiples: Up to 3.75 times principal income plus second or three times joint Conditions: Six months&#39 free mortgage payment protection insurance, free valuation up to £325 […]

Neptune India: three stocks we’re buying & the one we’re not

By Kunal Desai, Head of Indian Equities The Neptune India Fund’s investment process serves as a key differentiating feature of the portfolio versus its peers, contributing to its significant outperformance under Manager Kunal Desai’s tenure. Focusing on industry disruption, accounting quality, liquidity and corporate governance, Kunal sets out three stocks that he’s buying in the […]


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