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Adviser’s Standard protest

An adviser has withdrawn all his business from Standard Life after accusing the provider of trying to poach clients through direct mailings.

Clifton Business Consultancy principal director Glyn Hazell says Standard is trying to grab IFA clients through marketing literature offering them the opportunity to go direct in general product and life cover mailings. He says he believes Standard is intent on getting business from his firm by mailing information with only the provider’s letterhead as well as address and contact numbers.

He says the option of seeking advice is only mentioned at the back of the document.

Hazell says: “It is an attitude that should have changed asthe industry moves from being transactional to service-based but it remains prevalent. What we need is for one providerto take a stand.”

Standard Life PR manager Paul Keeble says: “The communication is a client-specific notification that the client’s life cover is due to expire. This was sent direct to the client, simultaneously copying in the adviser, with the letter strongly recommending they contact their adviser for further information.”


Top-selling Woodford funds slump

Invesco Perpetual stalwart Neil Woodford has had an uncomfortable start to the year after seeing both his income funds take a performance hit.Woodford’s £6bn income and £8.5bn higher income funds are currently among the bottom five out of the 90 funds in the UK equity income sector in terms of total return in 2008.High income […]

IMA will not oppose bond tax plea

The Treasury could recons-ider its controversial capital gains tax changes after the Investment Management Association said it will not oppose new proposals from the Association of British Insurers.The IMA has supported Chancellor Alistair Darling’s CGT reforms, which would see mutual funds subject to a new 18 per cent flat rate while higher-rate taxpayers with bond […]

Broker Talkback

Is there a future for initial commission in the group personal pension market? Yes 63%No 37% Yes “I hope there is but unfortunately some people are greedy, which is why the issueis being looked at.”Gillian Frodsham, IFA Yes “It is a good alternative for clients and if they want advice they realise they have got […]


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