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Direct sales forces most likely to be hit for with-profits bond sales – Reid

Banks and building societies’ direct sales forces will be hardest hit by misselling of with-profits bonds says Syndaxi Financial Planning director Robert Reid.

Responding to the 650,000 fine given to Bradford & Bingley by the FSA for misselling of with-profits bonds and precipice bonds, Reid said IFAs were less likely to be affected if they had recommended the with-profits product as part of an overall portfolio. B&B is being ordered to pay 6m compensation to 6,800 customers.

He says: “The direct sales forces are more likely to be hit by the regulator for mass selling of with-profits bonds. This could be the thin end of the wedge. But the FSA has given the sector a massive Christmas present by announcing this at a time when nobody will be reading the personal finance pages of the nationals.”


BSA confirms UK housing market slowdown.

The Building Societies Association confirms the slowdown in the UK lending market with its latest figures for November 2004.Building society gross advances amounted to 3,283m in November 2004, decreasing from 4,471m in November 2003. Net advances were 800m in November 2004, down from 2,397m in November 2003.Approvals (loans agreed, but not yet made) decreased to […]

Threadneedle enjoys Royal appointment

Threadneedle Investments funds will now be offered on Royal Skandia’s offshore platform.Offshore investors will be able to access Threadneedle’s strategic bond and dollar funds aong with the growth fund managed by Andrew Holliman.Threadneedle already has 10 funds on offer through Skandia’s life and pensions platform and a further 15 available through its multifundshop.Threadneedle director of […]

James Hay launches eSIPP

James Hay has launched a new online self-invested personal pension called eSIPP. The eSIPP has a simple charging structure and provides the flexibility of a traditional SIPP without the usual annual charge and set-up fees.Managing director of James Hays SIPP Division Jan Regnart says: “We are really excited to extend our range of SIPP services. […]

Opra launches guide to DB schemes for employers

Opra has launched a guide for employers sponsoring DB schemes explaining how best to reduce risks to members.The publication, which can be ordered through Opra’s helpdesk, also examines how the Pension Protection Fund and the new pensions rgulator will work and provides guidance on compromises of statutory debts agreed between trustees and employers.

Scheme pays explained

By Fiona Hanrahan, senior product insight and technical support analyst We’ve received lots of queries on scheme pays and when it can be used. This article explains how it works and the conditions which apply. What is ‘scheme pays’? If an individual exceeds the annual allowance (AA) and an AA tax charge is due, they […]


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