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Eagle is not only MVA offender

Further to Julian Mumford&#39s letter (Money Marketing, February 19), I can inform him and everyone else who may be interested that this problem with market value adjusters does not rest solely with Eagle Star.

Having undertaken a review of with-profits bond holdings, we have discovered that this penalty ploy is being applied both by Norwich Union and Standard Life. The former has chosen to inform neither clients nor IFAs and the latter says it has mailed clients but not IFAs.

I would advise Mr Mumford to suspend his belief in so-called bastions of the industry. Those days have long gone. I have another word for these institutions. It sounds like bastions but is not.

Let us face it, with-profits has truly now become the smoke and mirrors investment option and it is probably time we consigned it to the history books. Perhaps if all concerned had been a little less greedy for returns, instead of being a pseudo-equity fund, with-profits could have retained its status as the calmer way through choppy investment waters and none of these stealth levies need ever have applied.

Name and address supplied


Tread cautiously

In my next few articles, I want to look at some ways in which IFAs can learn from the various regulatory reviews and legal judgments affecting financial services. Although some of the examples I will be discussing have resulted in penalties or reprimands to the advisers involved, an understanding of the issues can greatly assist […]

Claims against Aaron could hit £12

The David Aaron Partnership could be facing a £12.6m bill for misselling claims, more than six times the £1.8m it had put aside for compensation before it went bust last December. Based on documentation from accountants KPMG, the troubled IFA firm had reportedly calculated its initial liability on the basis of 200 claims averaging £9,000 […]

Hay stacks up Sipp details online

Abbey for Intermediaries&#39 self-invested personal pensions arm James Hay is relaunching its online Sipp management service. The site has been designed to let intermediaries carry out transactions faster. Advisers and their clients can monitor portfolio valuations, view breakdowns of asset holdings and values and look at personal and contact details and transfer details as well […]

Electra tops up

Downing Corporate Finance is raising up to £1,98m to top up the Electra kingsway venture capital trust (VCT). Electra kingsway was established in September 2001 and is managed by Electra Partners. It invests in a portfolio of unquoted and developing companies that are listed on the alternative investment market (AIM). The top-up investment will allow […]

Martin Foden discusses how convenience is affecting the construction of fixed income portfolios

In this short video, Martin Foden, head of credit research at Royal London Asset Management, discusses how convenience is affecting the construction of fixed income portfolios. Watch the video in full The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not […]


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