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Aussie Challenger to buy IFAs if polarisation goes

Challenger, the Australian owner of UK Tep market-maker Neville James, is

to snap up IFAs if polarisation rules are relaxed.

It would buy IFA firms and networks and has not ruled out multi-tying. The

company has been following an acquisition strategy, buying Neville James

for £6m in April. It owns a national advisory business with 50 offices

in the Australian market and hopes to replicate its structure in the UK.

It is targeting UK IFAs to distribute its funds and market-test its

products. In Australia, it offers financial advisers a loyalty programme,

including a share-option scheme and is developing incentives in the UK.

Challenger hopes to get FSA approval of its offshore zeros fund in

October. It is awaiting approval to launch its life company focusing on

annuities. It aims to have 5 per cent of the UK annuity market in five

years and to increase funds under management from £300m to £11bn

in three years.

Executive director Brett Newman says: “We are targeting the UK market

because of synergies with Australia which has a mature IFA sector.”


On the sidelines

I suspect that many clients will not take waiver of premium any longer asit is now a separate contract and cannot be paid as part of the pensioncontrib-ution and must be paid from the individual&#39s bank account. This is not very convenient for members of group schemes. No doubt, some companies will not bother to […]

Axa with-profits bond goes for income

Axa Sun Life is aiming its with-profit income bond at the IFA market. The bond is a variation of it&#39s existing with-profits bond, but has a higher annual bonus rate at 6.25 per cent. The existing bond currently offers an annual bonus rate of 5 per cent. However, investors will get a lower terminal bonus […]

ScotLife pension success

Strong employer-based pension sales have sent Scottish Life businesssurging by 30 per cent in the first six months of this year. Pension sales rose from £43.6m to £56.7m in equivalent premiumincome and new company-based business, including group personal pensionsand stakeholder, grew by 40 per cent from £24.2m to £34.1m. Total new business was up by […]

UCB raises fixed rates

Nationwide specialist lender UCB Home Loans is increasing rates on its fixed rate products by up to 0.2 per cent from today, following increases across the fixed rate mortgage market.The changes will see fixed rate mortgages of 6.39 per cent for two years, 6.59 per cent for three years and 6.79 per cent for five […]


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