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Advisers say L&G charge cap wording is confusing

Legal & General has been attacked by advisers for describing the charges on a personal pension as coming under the stakeholder charge cap.

CBK principal Peter Chadborn says the terminology could confuse customers.

L&G bases the annual management charge on its per- sonal pension on the stake- holder charge cap but wrote to a client warning that any deductions for guarantees or options on their with-pro- fits pension would be indep- endent of the “stakeholder charge cap”.

Chadborn says: “I think that product providers have to be very careful when they use words such as guarantee and stakeholder. As we have seen, this has the potential to be very confusing for a client.”

L&G head of retirement product development Andy Agar says: “I can understand what is being said but we dec-ided that the phrasing ‘stakeholder charge cap’ best described the guarantee.”


Two options for change on protection age rules

The FSA is to consult on whether protection policies maturing beyond age 70 should be regulated under investment rules as now or be allowed under general insurance rules. The consultation could open up the sale of policies under Icob rules rather than purely under Cob rules as with investment contracts. The age limit was origin- […]

Gudgeon appointed chief executive of Close Brothers.

Martin Gudgeon is to replace Richard Grainger as chief executive of independent corporate finance house Close Brothers. Gudgeon currently runs Close’s European special situations fund while Grainger will become executive chairman of the group after five years in the chief executive role.At the same time present co-chairman Sir Mark Wrightson will step down from the […]

Baring appoints Siller to EMEA equity team

Baring Asset Management has hired Matthias Siller to join its Europe Middle East and Africa (EMEA) equities team.Siller joins from Austrian investment management company Raiffeeisen Capital Management.He has over nine years experience on both the buy and sell sides, including proprietry trading Central and Eastern European equities and derivatives, and will be responsible for the […]


Neptune video: UK economy: a sustainable recovery?

After years of a slowly brewing economic recovery, the UK has seen a strong rise in growth in recent months. Mark Martin, manager of the Neptune UK Mid Cap Fund, discusses the strength of this recovery and whether it is sustainable.

In the video, Martin addresses the following:

• Structural features supporting the UK economy
• UK mid-caps and the potential for M&A activity
• Valuations and opportunities in house builders


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