View more on these topics

Apology over rate errors on NPI site

The Phoenix Group and Henderson have apologised after 15 fund factsheets posted on NPI’s website listed incorrect annualised growth rates.

NPI is part of the Phoenix Group and includes the closed life funds of Pearl Assurance and London Life Linked Assurances. Advisers contacted NPI last month expressing concerns about the fund performance rates to January 1 after the company published the factsheets on its website on January 24.

NPI found that all 15 funds listed in the NPI life funds table were listed with incorrect growth rates. The figures lis-ted as the annualised growth rate for 10 years was in fact the likely total return over 10 years.

Henderson Global Investors supplies the fund performance rates to NPI. NPI has now uploaded a revised factsheet highlighting the mistake.

The company has also written to the IFAs that contacted NPI about the issue and informed them of the error.

A Phoenix Group spokeswoman says: “Phoenix apologises for any inconvenience this may have caused the IFAs and their customers. We are working closely with Henderson to make sure this does not happen again.”

A Henderson spokesman had admitted that the firm made an error.

He says: “While we make every effort when dealing with external providers to ensure that their records are up to date, occasionally, human error does occur. In this inst-ance, once the error was identified, the correct information was supplied.”


In search of a plan B

Lenders continue to shy away from offering high-LTV mortgages and Paul Thomas asks if top-up loans or higher lending charges could get the market moving

David Child appointed as Baigrie Davies LifeSearch chairman

Baigrie Davies LifeSearch has appointed David Child as non-executive chairman. Child quit his role as managing director of 1st Exchange in October after joining the firm in 2003. Child’s previous roles include 10 years working at the Bank of England before moving to DBS Management, which became Misys Financial Services, where he spent 12 years. […]


Aifa says Nest shows factoring can work

Aifa has called on the FSA to review its ban on provider factoring, pointing to Nest’s charging structure as a good example of how factoring can work in practice. Nest will apply a 0.3 per cent annual management charge on members’ funds as well as an up-front charge on contrib- utions of 1.8 per cent […]


Rule shake-up to cost 10 times FSA estimate

The FSA’s proposed changes to disclosure rules for pensions and adviser-charging will cost the industry £200m rather than the £20m estimated by the regulator, according to Finance & Technology Research Centre director Ian McKenna. McKenna says the FSA’s estimate demonstrates a “woeful lack of understanding” of the costs of system implementation. Earlier this month, a […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm