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Direct buyers face IHT blow

Consumers who have bought protection products direct and then placed them in trust are being warned that they could face a future inheritance tax hit following the Budget changes.

Sesame head of propositions and commercial development Alastair Conway says there is a very high likelihood that these consumers will need advice following the Chancellor’s attack on trusts.

He warns that any cost savings could be stripped away for people who now seek advice but those who do not get help may face tax bills further down the line.

Conway says: “If you have bought a life policy from a supermarket and you need to now reconsider your situation on trusts, who is going to advise you? Tesco?

“There is also a risk that the customer might end up paying out twice whereas if they had sought advice in the first place that is not an issue.”

Alpha to Omega chief executive Stewart Wooles says adv-ised sales ensure that consumers’ needs are better met and warns that price should not be the determining factor.

Wooles says: “If it is all about price, why doesn’t everyone drive a Yugo or buy own-brand baked beans? Consumers must consider their needs and buy accordingly.

“Regardless of the cheap cost of mortality-based cover, a consumer’s needs might mean they are better suited to an income protection product or should consider critical-illness insurance. Only advisers can offer this guidance.”


Easter aiming to mend firm’s ‘broken model’

New Millfield chief executive Alan Easter says his priorities are to create financial stability for the company and clar-ify its role in the market. Easter, who took over last week, is in discussions with the company’s backers about restructuring its debt and raising money to address its 1.5m capital adequacy shortfall. Millfield brought in turnround […]

SVM launches global opportunities fund

SVM has launched a global opportunities fund which will be co-managed by Colin McLean and Donald Robertson. The independent fund management group’s new fund launch coincides with the appointment of Victoria Lockett as its new investment sales manager.Lockett previously worked at Montague Capital and Skandia and will look after SVM’s intermediary relationships in the Midlands […]

Commercial GI deal for Bankhall

Bankhall has sold its commercial general insurance arm UKGI to Total Broker Solutions to focus on its core markets of directly regulated mortgage, life, pensions and investment. The agreement brings a reciprocal agreement for TBS to provide Bankhall members with commercial GI services while TBS’s 350 brokers will get compliance support from Bankhall. Head of […]

Learning curve

IFS head of faculty financial regulation Mark Roberts says the Open University was ahead of its time with its idea of remote learning. Now IFAs can make use of the internet to achieve the same ends with continuing professional developmentThe scraggy beard, the tousled hair and the sports jacket with leather patches at the elbows […]

Abe and Modi

Investment ideas to power returns

We believe the most exciting stockmarket opportunities today are in those places where a new generation of leaders are successfully transforming economies and companies in favour of investors. In a new investment guide and website, which is suitable for use with your clients, we set out our views on these reformers. Click here to find […]


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