I thought financial advice was coming of age. No lon- ger were advisers making recommendations on the basis of commission payments. Ah well, not a lot has changed, it seems.The only way NU can get advisers to use its products is to pay more commission and some advisers lap it up – and this after the menu came into force. Never mind that a pension is a long-term investment, the returns of which will determine the ultimate annuity. Never mind that NU’s administration leaves a lot to be desired. No, Mr Joe Public, these criteria do not matter. NU will pay us more than anybody else. Advice on investment plans should first and foremost be about how to ensure that the client ends up with the best possible return, which means appraising all the available investments on offer. Commission should not come into it. My clients are more than happy to pay me a fee for such advice and my recommendations are never clouded by who I should be in with just because they might pay me more. Christopher Marsham Principal, C&M Financial Services, Bovey Tracey, Newton Abbot
HM Revenue & Customs has dropped plans to tax investment reserves on insurers’ non-profit funds following intensive lobbying by the ABI. Legal & General says the removal of the charge, which would have been a one-off levy on non-profit funds that do not pay out income and gains, will save it up to 500m. The […]
Scottish Widows Investment Partnership has recruited Gartmore’s Alix Stewart to run its corporate bond plus portfolio. Stewart ran Gartmore’s corporate bond fund.
Norwich Union chief executive Gary Withers has issued a personal apology to advisers for the company’s significant slip in service standards this year. Letters are being sent out to 35,000 advisers around the UK to apologise for and explain why service levels in protection and investment bond application procedures started to slide significantly, particularly this […]
Portman Building Society
Five Year Fixed Rate
Nearly 12 months since sweeping to power, prime minister Narendra Modi has overseen a significant turnaround in India, which is now on track to become one of the most pro-growth, pro-investment economies in Asia. While the market has rallied 48 per cent over the last year in response to Modi’s reform agenda, what is the potential for further progress?
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It is encouraging to see the FCA close in on lazy fund management, but more needs to be done Without fanfare, the FCA has confirmed its intention to punish lazy fund management. Several groups have been persuaded into voluntarily compensating investors who bought their beta-posing-as-alpha products, otherwise known as closet trackers. The regulator suggests that […]
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