View more on these topics

Advisers attack Standard over clawback move

Some IFAs fear they will be hit twice if Standard Life moves to claw back commission on with-profits policies after the firm promised to offer policyholders the chance to reconsider.

At the time of announcing its strategic review, Standard said it would be writing to with-profits policyholders who had taken out policies after November 16, 2003, offering them the chance to reconsider.

However, some IFAs say their advice may have been made to look flawed in the eyes of the client, potentially losing them business, and the loss of commission would be a double blow.

Others suggest that Standard would be justified in clawing back the payment, saying that if the advice was right before Standard&#39s announcement, it should still be right now and if it is not clawed back, advisers could rebroke the business to earn two lots of commission.

Standard says it is still finalising the review process but it will comply with FSA guidance on the issue. The FSA says that usually when business is cancelled, commission is clawed back.

Bankhall director of provider management Jonathan White says it is currently talking to Standard about the issue on behalf of its members.

White says: “Clearly, as a responsible business, we do not want the client to lose out and we do not want the IFA to lose out as the policies were sold in good faith.”

Andrew Oliver & Co principal Andrew Oliver says: “The IFA has spent time researching the market and making a recommendation. It is Standard Life which is moving the goalposts, so why should we be penalised?”


HSBC Asset Management merges institutional and intermediary businesses

HSBC Asset Management has merged its UK intermediary and institutional business development teams in a move which sees Jonathan Polin, managing director of the intermediary business, leave the group.The decision comes following a strategic review of the business, which HSBC says found convergence in the skills required to service both markets. Geoff Cheetham, previously head […]

Swip reclassifies Fofs after breaching ABI rules

Scottish Widows Investment Partnership has reclassified its multi-manager funds on Lipper after the ABI ruled they were in breach of its unit-linked retail fund classifications. Three Widows&#39 funds, which invest in manager of manager funds run by Russell Investment Group, are in an unclassified sector after the ABI&#39s investment committee ruled they were violating its […]

Noble & Company – The Capital Pub Company 2

Type: Enterprise investment scheme Aim: Growth by investing in the acquisition, development and operation of pubs in and around the Greater London area Minimum investment: Lump sum £3,00 Opening/closing date: January 29, 2004-April 5, 2004 for 2003/2004 tax year, June 20, 2005 for 2004/2005 tax year Charges: Initial up to 7.75% Tel: 020 7367 5606

Axa jumping in with capital-protected Oeic

Axa Investment Managers is introducing one of the UK&#39s first limited-issue capital-protected Oeics following relaxation of the FSA&#39s fund rules. The regulatory change allows investment managers to use derivatives as part of their general investment policy and to cap the number of shares in issue. This enables them to design capital-protected funds. The company says […]

Lifetime ISAs – International Evidence

By Fiona Tait, Pensions Specialist Since the announcement in March, the Lifetime ISA (LISA) has attracted controversy. Heralded as a saviour for the self-employed and the young wanting to get on the housing ladder, the new LISA risks adding confusion for savers trying to fully understand the benefits of new workplace pension savings through auto-enrolment. To […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm