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Disappointment over Isas – Virgin Money

Virgin Money is disappointed that Sandler has failed to include Isas in his list of core simplified products set out in his review into long-term and medium-term savings.

Virgin Money also wanted to see Sandler take steps to extend a 1 per cent charging limit across the entire Isa range.

It also accused Sandler of missing an opportunity to kill off with-profits policies.

The company, which lost a high-profile bet with active fund manager SG Asset Management when its tracker failed to beat SGAM&#39s active fund, expressed support for Sandler&#39s preference for passive management over active.

Marketing manager Gordon Maw says: “We welcome Sandler&#39s endorsement of the 1 per cent world but we are also worried and concerned that with-profits policies appear to play such a significant role in his vision for the future.

“We feel they have far exceeded their shelf life and would have much preferred to see Sandler looking to establish a stakeholder Isa. As things stand, Isa providers can only achieve Cat standard if they fall within the 1 per cent charging limit but they can still charge far more than that with non-Cat-standard products.”

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