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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Almost a third of women in the asset management industry have experienced sexual harassment in the workplace, according to a new survey, as Fidelity and the Worldwide Healthcare Trust dismiss fund managers due to inappropriate behaviour. A global survey by the Financial Times reveals 32 per cent of women working in asset management have experienced […]
Platforms are chasing assets in order to achieve scale but the winners of the future will need more than that The importance of scale is one of the key topics of conversation in the platform industry. Scale brings some clear benefits to platforms, such as allowing them to charge consumers less, providing the means of […]
The pensions industry has welcomed government reforms to boost auto-enrolment while raising concerns about their limited scope and time it will take to implement them. In its much anticipated review into auto-enrolment the government says it will lower the age at which people are eligible for a workplace pension from 22 to 18. The government […]