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Aifa produces new with profits guide for members

Aifa has produced a new adviser with profits guide to compliment its first ‘stakes in the ground project’ which focuses on the subject.
Director general Chris Cummings says with profits has become an increasingly complex area in which to give advice and one where the FSA is taking a particular interest.
The guide covers the current position of with profits, the introduction of Principles & Practices of Financial Management and Consumer Friendly Principles & Practices of Financial Management, details about risk capital margins and closed funds.
Aifa has also produced research which found 90 per cent of IFAs are not recommending with profits funds to new clients while 55 per cent are advising existing clients to continue making regular contributions to their funds.
It also found 70 per cent of IFAs are aware of information regarding a life office’s with profit performance is available from a life office balance sheet but only 52 per cent are aware in is also available from the relevant PPFM.
Cummings says: “With a prolonged decline in the stock market, insurance companies leaving the with profits market and closing funds, and the introduction of extensive information about the way in which the funds are managed, giving advice on these policies has become significantly more demanding for IFAs.”

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