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CGU says it sets lower premiums for Tesco

CGU has admitted it sets higher premiums for term insurance products sold by IFAs than it does for Tesco Personal Finance.

The life office says independents would have to sell term insurance for an average of 16 per cent higher than a Tesco salesperson would.

It now plans to notify IFAs that they can drop below the minimum rate it has set.

The company says the rates Tesco charge are generally lower because they cut their commission rates and also help with the marketing costs involved with the product.

A CGU spokeswoman says: “If an IFA wants to waive the commission level and dip below the premium level we allow them.

“We would not have a problem with that. We will inform IFAs of this, but we have not in the past.”


ScotMutual pushes risk-graded funds

Scottish Mutual is celebrat-ing the 15th anniversary of its three unit-linked risk-graded funds by mailing promotional literature to IFAs.Mailshots, including sales leaflets, case studies and sample letters, will go out to over 4,500 IFAs, promoting Scottish Mutual&#39s Personal Investment Bond as the ideal veh- icle for investment in the funds.The funds are the safety, growth […]

Charcol rebels redundant as branches axed

The three rebel John Charcol branch directors embroiledin a bitter dispute with the mortgage broker have been made redundant and their branches will close.While Charcol says the decision was made amicably, the directors are considering taking further action, according to their legal representative Armstrong Neal partner Gareth Fatchett.Charcol says the closureof branches in Leeds, Liverpool […]

Perpetual to announce future plans

Perpetual is expected to make an announcement on its future after the collapse of merger talks with US giant Amvescap. Industry sources predict the fund manager will be bought by a US or European bank. Amvescap has announced its purchase of Canadian fund manager Trimark. It is believed the prospect of having to integrate two […]

Lender designs sub-prime range for IFAs

High Street Home Loans has developed a range of all-sta-tus mortgages aimed at the sub-prime market to be sold through intermediaries.The two-month-old Newcastle-based firm will be offering its products exclusively through intermediaries totarget customers unable to secure mortgages or remort-gages from high-street lenders and other providers.Products include a 12-month fixed rate at 8.35 per cent […]

The Merchants Trust PLC – April 2017

Welcome to the latest update for The Merchants Trust PLC from the Trust’s portfolio manager, Simon Gergel. Portfolio Review The Merchants Trust reported results this month and the directors were pleased to announce a 35th consecutive year of dividend growth (subject to shareholder approval at the AGM). The Company is proud to be highlighted as […]


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