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Dalton-Brown criticises insurers’ wraps as ‘purely defensive move’

FundsNetwork chief David Dalton-Brown says life company wraps are purely a defensive move to protect insurers’ legacy position in the market.

At the Cazalet Consulting conference, Dalton-Brown singled out Norwich Union’s Lifetime wrap as an example.

He said part of their agenda is to control distribution by forming institutional relationships with fund providers with institutional pricing contracts.

He said insurers have an increasing tendency to act as gatekeepers and a clear advantage of platforms over wraps is that customers do not pay for them.

Dalton-Brown said he supports the IFA-owned wrap Nucleus and welcomed it as a challenger in that space but ques- tioned whether it has the capital and know-how to succeed.

He also hit back at criticism of direct business from IFAs, arguing that advisers in the US appreciate the fact that direct business is one of the biggest generators of leads.

He predicted that platforms will take 80 per cent of Isas and 60 per cent of all unit trust and Oeic business by 2009.

He said: “We would never call ourselves a wrap. Wraps are a defensive move where customers pay for the wrappers. We would never do that.”


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Pensions Regulator lays subsisting rights code of practice before Parliament

The Pensions Regulator’s code of practice on the modification of subsisting rights has been laid before Parliament.This code explains that, under the Pensions Act 2004, changes cannot be made to scheme rules without the consent of scheme members or an actuarial equivalence certificate – depending on the type of modification.The code of practice gives guidance […]

TMP buy sees Craven and Bates reunited

The Money Portal is buying financial services consultancy Clearwell in a deal that will see Richard Craven reunited with Graham Bates. Clearwell, set up 18 months ago by Bates and former Egg Invest managing director Andrew Firth, provides online consumer-facing technology that will be used to bolster TMP subsidiaries Sage and Millfield’s web propositions. TMP […]

Matters of interest

This weeks’s instalment on transitional serial interests turns to life policy trusts

Rayner Spencer Mills: Why we rate the Artemis Global Growth Fund

Ken Rayner and Graham O’Neill from RSM explain why they rate the fund, its investment process and how it can be used in a portfolio. The Artemis Global Growth Fund became a RSM ‘rated’ fund earlier this year. In this video, Ken Rayner and Graham O’Neill explain the fund’s investment approach, why they rate it, […]


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