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Churning over

FSA chairman Callum McCarthy has joined the debate started by Ned Cazalet about life offices eating each other by paying big up-front commission and setting up a churners’ merry-go-round.

MM does not in any way condone churning although, on a case by case basis we are sure the arguments are not wholly black and white.

We think IFAs should do two things. First, concentrate on giving best advice and second, make sure they have more income streams from trail commission and fees and not just rely on indemnity commission.


Red hot pokers

Fidelity’s Sanjeev Shah on trying to secure a new flatmatey Lesson 1 in PR diplomacy – never let a journalist know that your golf game is more important than their call. It could well be the difference between a front-page story and being relegated to, I don’t know say, the Diary page. So, when Tom […]

Swiss Re to axe 2,000 jobs

Swiss Re is to cut 2,000 jobs by the end of 2007 as part of its continuing integration of GE Insurance Solutions to the business.The reinsurer announced the staffing reductions today and said a large number of losses would be through “natural attrition”.Swiss Re completed the acquisition of General Electric’s insurance arm for £3.5bn in […]

Axa and Winterthur will merge group pensions

Axa and Winterthur are to merge their group personal pension businesses but will continue to run individual personal pension and investment segments separately. Axa announced its 5.4bn acquisition of Winterthur Group from Credit Suisse in June, citing its reputation among high-end IFAs as a key driver behind the deal. It says the decision not to […]

Powerful estate planning tools ignored or forgotten by wealthy Brits

Canada Life IHT Survey 2016 Only a quarter of wealthy Brits have sought professional estate planning advice to ensure their families don’t pay more tax than required More than a quarter don’t even have a will and just one in five have gifted money Many say they do not need these tools but families would […]


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