View more on these topics

Facing up to the with-profits facts

How does Eleanor Linton qualify to be head of the with-profits review?

What are her qualifications that lead her to be bestowed with this title?

Has she ever been in receipt of a maturing endowment – 20 years or 25 years? I doubt it.

Has she ever owned a with-profits bond? I doubt it. If this lady were to ask me, like I suspect would be the case should she ask just about any IFA who has been in the business long enough to have clients with maturing endowments after 20/25 years or with-profits bond holders, are these clients happy, the resounding overall response would be an emphatic yes.

Show me a man with a maturing 20/25-year endowment who has not been happy with the results. Show me an investor who is not happy with the performance of his or her with-profits investment bond over the last two, three, four, five, six, seven, eight, nine and even 10 years.

I would concede that a few holders of endowment policies purchased over the last 10 years, set up in the early 90s, for example, have been a little disappointed. Things were not so bad in the early 90s – not quite so good over the last two, three or four years, with the markets languishing and now being more depressed but these have always been long termed investments and poor performance for a three-fouryear period out of a 25-year term is not an unreasonable possibility.

Who is this head of the with-profits review who is now going to deny future investors the opportunity of an investment vehicle that has done the public so well for many many years? We all know things can go down as well as up. We now have a small blip in the performance of the with-profits arena and all these clever regulators get going again. Why not ban the sale of shares? Why not ban the selling of shares where investors can lose vast amounts of capital overnight?

Please, Eleanor, get real, come out here and talk to a few real people.

Michael Hollingdale

Harvey Curtis Associates,




Pickering proposes new kind of regulator

The Government-commissioned pensions review by Alan Pickering is proposing a new kind of regulator which would supercede the Occupational Pensions Regulatory Authority.The new body – initially called the NKR – would provide advice on codes of practice and have the authority to intervene in schemes at an early stage if it believes there is reason […]

Money, money, money…

By the time you read this, it is likely that the results of Sandler and Pickering will be available to all and, no doubt, a lot of ink will have been used to analyse their impact.Unfortunately, I find myself writing before we know the results of both, so I will limit myself to just one […]

ABI welcomes Pickering proposals

The Association of British Insurers has welcomed Pickering&#39s report on pensions simplification, claiming that with the Sandler review, it will provide a good platform from which to close the savings gap.It says much of Pickering&#39s recommendations reflect its own views that there are too many types of private pensions, and that customers need clearer and […]

Level playing field on tax could resurrect IPA

Sandler is recommending a simplification to the tax regime to create a new level playing field between pensions, unit trusts and investment trusts which could see a resurrection of the Individual Pension Account.According to Sandler, IPA rules should be changed to allow non-life companies to compete in the pensions market. The report says the current […]

How to balance bottom-up with top-down research in constructing multi-asset credit portfolios

In this short video, Azhar Hussain, head of global high yield at Royal London Asset Management, explains how his team balance bottom-up with top-down research in constructing multi-asset credit 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 […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm