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Charge questions

There are several ways to access a set of funds. Some may choose the bond route – others to construct their own portfolio using a fund supermarket whether advised or non advised- others a multi-manager fund.

Some argue that it is not possible to compare like with like and that there are different tax treatments and marketing costs to be considered.

But a look at the annual management charges levied for buying into funds on Cofunds and FundsNetwork through bond wrappers compared with Isa wrappers or simply a portfolio of mutual funds shows them diverging widely.

Of course, not all products charge the same. This is a free market but with different tax treatments and client needs while different bits of a business may have variable start-up and admin costs.

But we invite those advising on one route over another and those supplying the products to consider how they justify the charges of one over the other and the advantages conveyed.

Otherwise, we suspect that the regulator may be asking the questions instead.


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The National Association of Pension Funds has described Lord Turner’s proposal for a nat- ional pension fund as a “throwback to the Stalinist era”. Chief executive Christine Farnish describes the nat-ional pension savings scheme as a monolithic quango. She says: “It does sound like a throwback to the Stalinist era, setting up a single mon-olithic […]

Cut to the core

Fund ranges Advisers could spend their time more fruitfully if providers pruned down the bewildering array of funds on offer, says Scottish Life investment development manager Emma Jones

Set your sales

A popular theme for many of the columns appearing in the trade press is trying to second-guess those areas of business which might be the subject of particular attention by the FSA in the coming months.


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