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Exeter cuts Pep initial charges

Exeter Fund Managers is offering a 1.5 per cent discount on the initial charges for its two Pep portfolio funds. The initial charge has been cut to 3.5 per cent from 5 per cent for the Chameleon Income Portfolio and the Chameleon growth fund until May 29. An annual charge of between 1.25 and 1.5 per cent is applicable for both funds and IFAs can expect an initial commission rate of 3 per cent and renewal commission rate of 0.5 per cent.

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Virgin ad makes an empty claim

IFA Towry Law has accused Virgin Direct of misleading investors with its latest ad cam- paign for its Growth Pep. The ad carries a list of all the rival Peps which have outperformed Virgin&#39s Growth Pep in all three years since Virgin launched in 1995. The list from one to 99 is empty. “Well you […]

Persistency is the best policy for the PIA

The PIA&#39s figures on life and pension policy persistency rates show that far too many are being sold inappropriately. The figures show that, overall, an alarming 25 per cent of regular-premium policies lapse within three years. The regulator has warned life companies that it will crack down on those who fail to improve. IFAs&#39 persistency […]

M&S is looking at execution-only GPPs

Marks & Spencer Financial Services is considering a move into the group personal pension market on an execution-only basis pledging to undercut rivals&#39 charges. The retailer, which already offers personal pensions, unit trusts, Peps and term insurance, is in the middle of a feasibility study on whether the market will fit its strategy. The proposal […]

EIS boosted by increase to £150,000 annual limit

The Enterprise Investment Scheme and capital gains tax reinvestment relief are to be rationalised to create a unified scheme. The changes, which take effect from April 6, will include an increase of 50 per cent to £150,000 a year in the amount that an individual can invest in new shares with the benefit of income-tax […]

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