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Citigroup MLM-type agents chase leads

US giant Citigroup is running a home-service business in the UK to generate protection and sub-prime mortgage leads.

CitiSolutions, which launched in the UK in September, operates in a similar way to multi-level marketing. Self-employed reps work part-time to generate leads for UK financial services arm CitiFinancial and sub-prime lender Future Mortgages. The agents do not offer financial advice and get no training to advise but they complete a financial needs questionnaire with clients.

A completed form, which covers debts and savings, is passed on to a CitiSolutions appointed rep for term, critical illness and sub-prime mortgage products. CitiSolutions&#39 agents are paid commission and are paid for every new agent they introduce.

The scheme was originally established in the US where 107,000 agents run home-based businesses for six million clients.

Stewart Ritchie has earned the title of pension guru after 30 years at ScotEq and he warns that unless there is a pension shake-up there will be a major crisis


Mutuals lead the league on bonds

Scottish Friendly is leading the way in the with-profits bond market, according to the latest survey by Investment, Life & Pensions Moneyfacts. The research group&#39s results show with-profits bond returns over various periods based on a single premium of £25,000. The best performer over five years was Scottish Friendly which showed a return of £31,170, […]

Ifap launches tax savings campaign

Ifap has launched TaxAction 2004 – a campaign to increase awareness of the amount of wasted tax throughout the UK, which it says is around £128m. The campaign aims to show how careful tax planning means that couples could save money by transferring their assets to low or non-taxpaying spouses. It says the amount of […]

Kane makes it plain

If anyone was under the misapprehension that Scottish Widows had been put under the command of a mealy-mouthed faceless banking man, think again. The new chief executive Archie Kane does not mince his words. With-profits will diminish still further. The FSA is actively seeking to corral IFAs into bigger groups – an accusation often made, […]

Equitable QC moved policies before House of Lords judgment

The barrister representing Equitable Life policyholders in the House of Lords case over guarantees moved £700,000 of his own policies days before the judgment, according to media reports. Jonathan Sumption QC moved the funds a week before the court decision although he did keep one non-pension policy with the stricken life insurer.

The Natixis Solution: H2O MultiReturns Fund

A product designed to bring some unique attributes to the crowded absolute return global macro space With diversification and risk management top of investors’ wish lists when it comes to alternatives, step forward the H2O MultiReturns Fund. H2O Asset Management is an independent boutique backed by Natixis Global Asset Management and has a 14-year track […]


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