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Bestinvest pulls out of new trade body

Bestinvest has pulled out of the Association of Independent Discount Brokers just days after the trade body launched.

Bestinvest, which is the second largest discount broker in the market, originally agreed to join the trade body, which also includes the likes of Chelsea Financial Services, Willis Owen and Financial Discounts Direct.

A Bestinvest spokesperson says: “Bestinvest has decided to postpone its association with the AIDB as we feel that although a very worthwhile enterprise, the timing is not right for us at this moment. However, we remain certain that the AIDB will have a positive impact on the industry in the future and will remain supportive of the organisation and its aims.”

As revealed in this week’s Money Marketing, the AIDB has been launched on the back of the retail distribution review after numerous firms’ in the non-advised sales sector highlighted concerns that despite representing approximately 20 per cent of all fund sales they may have been overlooked by the FSA.

Hargreaves Lansdown has chosen not to take part in the trade body on the grounds that it is already a part of the UK Platform Group, with the majority of its business going through Vantage.

AIDB acting chairman Darius McDermott says: “We are obviously disappointed that Bestinvest have decided to relinquish their membership to the AIDB, but it does not change the course of the body, nor its aims. Our existing members remain fully behind the AIDB and look forward to working together to increase awareness of non-advisory sales concerns.”

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In Focus — May 2015: private medical insurance market in Germany

Welcome to the latest edition of In Focus. In this issue, Jelf examines the private medical insurance market for employers with expatriate workforces in Germany. This includes the common challenges faced in sourcing appropriate coverage, along with a selection of available solutions. This will be of particular interest to HR/reward decision makers with employees based in Germany. It will assess the cultural norms, risks and backdrop that are relevant to organisations with expatriate staff in this location.

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