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Advisers’ anger at Prudential’s campaign to root out churners

Prudential will next month start approaching advisers it believes are carrying out unusually high levels of transfer business.

It wants to have face-to-face discussions with a list of advisers it is compiling to find out why their business persistency rates are so low but its campaign to root out churners has been met with anger by some advisers.

Professional Investment Management Services partner Glynn Downton says switching products is often best both for the client and the adviser if the client gets extra allocation in a bond and the adviser gets extra commission.

Downton says: “I do not work for either provider but for my clients. It is not down to me to adopt a hol-ier than thou approach.”

Former Pru sales director and Paymentshield non-executive director John Cowan says: “I do not know why Pru went so public with these statements, choosing to alienate so many IFAs when it was only talking about a few.”

Pru intermediaries director Tudor Taylor has come in for criticism as he was an adviser for over 20 years.

Taylor says: “We support the IFA market 100 per cent and understand that client circumstances mean that changing policies to benefit the client will result in extra commission and have no problem with that. It is the mass movement of policies that needs investigating. We are making a statement about a problem that is talked about but never acted upon.”


Aifa and FSPP welcome FSA paper

Aifa and the Financial Services Practitioner Panel have both welcomed the FSA’s discussion paper clarifying the responsibilities of providers and distributors.The discussion paper calls on providers to design products with greater care, provide higher quality information, monitor distribution channels more effectively at a high level and undertake better post-sale analysis of product performance.Aifa director general […]

FSA urges industry to prepare for bird flu

The FSA is to lead a six-week exercise to test the resilience of financial institutions in the event of an avian flu pandemic starting on October 13.In a speech to the Lord Mayor and assembled guests at Mansion House in London, FSA chairman Callum McCarthy said 60 organisations will be responding to a scenario that […]

Gummer pledge to clean up second-charge loan sector

The Association of Finance Brokers insists it can self-regulate the secured loan market after officially launching last week. AFB chairman John Gummer, who holds the same role with Aifa and the Association of Mortgage Intermediaries, says the market is capable of getting its own house in order rather than requiring FSA policing. AFB director-general Chris […]

Mutual trends

Consolidation had become a distant memory until Nationwide’s takeover of Portman. If more lenders increase competition, then surely fewer lenders will have the opposite effect?


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