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Bungle busting or bust?

As the great power struggle among providers and distributors created by CP121 continues, there is one issue which could prove deadly to many a multi-ambition.

The decades-old bugbear of the IFA – poor service standards – has not gone away as this week&#39s Money Marketing proves.

At a time when everything is up for grabs, service standards will not remain a side-issue but could become fundamental to any intermediary&#39s choice of provider in terms of what is stocked on its distributor shelves.

Promises of a return to a 3 per cent world – the grapevine tells us that such unspeakable phrases are being spoken by some of the more cavalier provider consultants – pale to nothing if any intermediary thinks he or she will have to spend three-quarters of his or her working life ironing out the bungles when the admin department gets hold of the application.

But it is not just the interests of those firms which may want to tie that should be considered. The dash for distribution currently looks less like a race and more like something from It&#39s a Knockout.

Because the whole market will be in turmoil, letting down IFAs, whether defined payment “independents” or authorised financial advisers, will be a massive gamble.

Of course, there is a horror story for every provider. Most advisers can forgive one or two misdemeanours.

But those on the list of usual suspects should get themselves out on bail as soon as possible or they may end up going down.


New fears over Equitable unit-linked assets

The security of Equitable Life&#39s unit-linked assets is again under question, with consulting actuaries Watson Wyatt saying it is not convinced the funds are safe in the event of insolvency.Following Watson&#39s concerns, its clients, including Lloyds TSB, are sending transfer applications to hundreds of their members who have unit-linked AVCs with Equitable saying the future […]

NU claws back its 1998 commission error from IFA firm&#39s new owner

Norwich Union is unilaterally clawing back commission from the new owner of an IFA business that it had mistakenly paid nearly four years ago to the previous owner.On January 16, CFS Independent managing director Andrew Harwood received a letter from NU, saying, following an internal audit, it would claw back commission of £1,214.18 that it […]

Isis pulls technology VCT

Isis has pulled its technology VCT after raising just £300,000 in the four months since launch.The fund, which was aiming to raise some £25m, is the third VCT to be pulled in less than a month, following the withdrawals of Pathway One and Gartmore Premier at the start of the month.It is likely to be […]

Smile Invest – Growth

Tuesday 26 February, 2002 Type: Portfolio management Aim: Growth by investing in UK growth funds Minimum investment: Lump sum £250 Investment split: Choice of ABN Amro UK growth, Artemis UK growth, Fidelity special situations, HSBC UK income and growth Income facility: Yes Charges: Initial 1.375%, annual 1.38% Commission: None Contact:


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