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Endowment clients misled on shortfalls

We fully agree with Robin Hunter&#39s letter regarding with-profits, Target has been hit (Money Marketing, March 25).

The present system being used by some with-profits life offices – shortfall warning letters – can misinform and mislead clients.

We have carried out many reviews for clients who have received such warning letters from the with-profits offices.

In many cases, when we check the bonus certificates, we have discovered that in fact the basic sum assured and reversionary with-profits bonuses earned to date are greater than the 8 per cent projection given on the warning letters.

Perhaps someone can contact the FSA asking it to provide guidelines to the with-profits offices so they can stop sending out erroneous letters which cause worry and stress to the client.

Geoff Kerr Partner, St James&#39s Place Partnership,Cirencester, Gloucestershire


First Direct launches discounted offset mortgage

First Direct has launched a discounted rate offset mortgage at 3.99 per cent for three months. Borrowers can then choose to switch to the bank&#39s offset SVR (currently 5.00 per cent), or move to First Direct&#39s two year fixed rate mortgage at 5.34 per cent. First Direct says it is the only provider to offer […]

County Mortgages – No Income Declaration Mortgage

Type: Self-cert tracker mortgage Tracker term: Lifetime of loan Tracker rate: Up to 90% of valuation &#45 1.99% above Bank of England base rate, up to 85% of valuation &#45 1.74% above Bank of England base rate, up to 75% of valuation &#45 1.49% above Bank of England base rate Minimum loan: £25,001 Maximum loan: […]

A consumer&#39s view

IFAs are a conservative lot. IFA Promotion has updated its website and in particular the facility for potential customers to search and find an adviser who specialises in the area where the person needs advice. Very good it is too. Last year the website had 338,000 enquiries, which it was able to channel towards a […]

Tomas Carruthers

The glory days of the 1990&#39s technology boom might seem a world away but after an absence from the limelight, Tomas Carruthers, the one-time chief executive of Interactive Investor International, is making his move back into the marketplace. Carruthers has again taken the reins of the consumer fund supermarket Ample and will be developing it […]


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