View more on these topics

Bankhall quells fears on independent status

Bankhall is moving to reassure members that their independent status will not be affected by Skandia&#39s £210m takeover of parent Lynx.

The announcement of the deal at the end of December, just weeks ahead of the FSA&#39s announcement on the future of polarisation, had led to fears that Skandia was trying to buy up distribution ahead of multi-ties.

But Bankhall director Tony Murrell has moved to dismiss such fears, stressing that Bank-hall is an IFA support service provider, with 75 per cent of members directly regulated by the FSA, and that it does not and will not impose product provider panels or ties on members.

Murrell says: “The deal will do nothing to increase the proportion of Skandia products sold by Bankhall members.”

But the deal will leave Skandia well positioned to set up a separate multi-tie arm through Bankhall in the event of relaxation of polarisation.

Skandia has yet to announce which of its management staff will join the board of Bankhall but the core of the Bankhall management team will remain in place.

The Lynx software arm will be bought out by its management for £60m, with the Bank-hall business being 86 per cent owned by Skandia and 14 per cent by the Bankhall management team.

Skandia is aiming to play down Bankhall member fears that customers will perceive the independence of their advice will be compromised by the deal. It has also quashed rumours that it is to offer IFAs a back-office IT system.

Skandia group marketing director Bill West says: “Skandia has always championed independence. We are buying a support services provider so it can develop its own plans more quickly. The deal supports independent financial advice.”

Recommended

Mellon – Mellon Japan Equity Portfolio

Wednesday, January 9, 2002.Type: Ucits.Aim: Growth by investing in Japan.Minimum investment: Euro 5,000 or $5,000.Place of registration: Dublin.Investment split: 100 per cent in Japan.Isa link: No.Charges: A shares initial up to 5 per cent, annual 2 per cent.Commission: Initial 3 per cent, renewal 0.5 per cent.Tel: 0500 660000.

Season tickets

Do you think there is a danger that split-capital investment trusts have been missold by IFAs in the past?Michael Owen: I believe that IFAs who have sold splits will have explained that they are still risk investments and are not guilty, therefore, of misselling. I am concerned that misselling seems to be a term being […]

Framlington selects best of British

Framlington has designed the best of British Isa, which invests in the Framlington UK growth trust and UK smaller companies fund.Investors can choose how the split their investments between the two funds, but the standard option is 80 per cent in the UK growth trust and 20 per cent in the UK smaller companies fund.The […]

Combined equity – fixed return product from Northern Rock

Northern Rock is launching a combined fixed rate bond and equity-linked tracker product.The Fifty: Fifty – Issue 3 product offers a guaranteed return of 7 per cent a year fixed for two years on half the balance. The other half is placed in a five-year tracker, with no management fees or set up charges, returning […]

Benefits - thumbnail

Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com