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End to Pep bundling could cost fund firms millions

Inland Revenue plans to outlaw Pep bundling could see some of the UK&#39s bigg est fund managers footing bills running into millions of pounds.

The announcement on bundling in last week&#39s pre-Budget report will give investors the right to request a transfer of Pep funds from individual tax years.

Many fund managers force Pep holders to transfer all their holdings at the same time as they are unable to separate investments made in different tax years.

Several fund managers will not be able to manage the changes under their current admin platforms.

In particular, companies which use the Rufus admin system, such as Invesco, Framlington and Norwich Union, will have difficulties making the changes without a complete overhaul.

Companies may need to invest in completely new admin system costing millions.

However, the majority of the pre-Budget report&#39s Pep chan ges were welcomed by the industry.

The relaxation of Peps&#39 geographical restrictions will now open the door to the Pep transfer market for a number of fund managers that were previously excluded.

Framlington marketing director Craig Walton says: “For someone like Fram lington, whose funds are mostly non-Pep qualifying, this news will really catapult us right into the Pep transfer market.”


Mercantile brings in 2.35 per cent discount

Mercantile Building Society has brought in the 2.35 per cent discount mortgage.The mortgage offers a 2.35 per cent discount from the Mercantile&#39s standard variable rate, giving it a payable rate of 5.24 per cent for two years for loans up to 75 per cent of valuation. After this period the mortgage will revert to the […]

Aberdeen sites for each of its investment trusts

Aberdeen Asset Managers has created a series of websites covering each of its investment trust companies.The 23 new sites can be accessed from www. They will each list specific information about one of its trusts, including twice-yearly results, manager details, capital structures, daily price updates, regulatory news and monthly updates.The sites will include a […]

Standard Life Bank will not make profit until 2003

Standard Life Bank has announced it does not expect to make a profit until 2003, a year later than expected. The mortgage and savings bank blamed tighter interest margins and rising competition in the mortgage market for the setback. The bank says it expected to have deposits of £4.13bn on its books by the end […]

Taste of technology for Enterprise

Enterprise venture capital trust has announced a new subscription of A shares for its venture capital trust.The venture capital trust will invest 80 per cent in unquoted companies in the UK and those listed on the Alternative Investment Market (AIM). It will also invest 20 per cent in fixed interest securities.The main focus is on […]


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