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Clerical Medical set to convert unit trusts to Oeic

Clerical Medical Unit Trusts will switch its range of unit trusts to open ended investment company during the first quarter of next year.

The range of UK and overseas trusts will become sub-funds of an Oeic, under the title Clerical Medical Investment Funds.

Unit-linked life and pension funds currently invested in the unit trusts will be switched to the Oeic.

Charges and commission rates will remain unchanged.

Clerical Medical&#39s head of product development Dave Whitaker says: &#34The modern, corporate structure of the Oeic offers greater flexibility for future product development and allows investors to switch more freely between funds at lower cost.&#34


Stakeholder pensions to have profound effect warns KPMG Consulting

The introduction of stakeholder pensions could have a profound effect on the insurance sector that is very different from its expectations, according KPMG Consulting.The consultants carried out extensive research into who will be the winner and losers after the introduction of stakeholder. It found the winners are likely to be those companies who possess a […]

L&G launches capped version of Flexible Reserve

Legal & General is launching a two-year capped-rate version of its Flexible Reserve mortgage.The rate is capped at 6.05 per cent for two years and allows borrowers to make over and under payments and take payment holidays without penalty. It also pays a £300 cashback.If the entire mortgage is redeemed within the first two year […]

Kellands take the plunge

Bristol based IFA firm Kellands joined up with other financial services teams in a sponsored abseil to raise cash for the charity.The event which took place on the weekend of June 26 to 27, saw Kellands&#39 staff joined by teams from Axa Sun Life, Royal & SunAlliance and local radio station GWR FM to raise […]

NatWest launches discount mortgage range

NatWest Mortgage Services has launched a range of discount rate mortgages exclusive to the intermediary market.The range includes a two-year discount of 0.95 per cent until September 30, 2001 with a payable rate of 5.94 per cent. This loan has no early redemption penalties.The range offers a number of one, two and three-year discount rates […]


Out from the long grass? An IT and NI merger

Those with a long memory will recall that at the start of the last parliamentary term George Osborne announced his intention to merge income tax (IT) and national insurance (NI).  Headline grabbing as the initiative was, the reality of the complexities, challenges and costs of such a move resulted in this idea being kicked into the political long grass.


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