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F&C scraps front-end loads

F&C is scrapping front-end loads on its UK-marketed open-ended funds but continuing to offer commission to IFAs.

The fund manager&#39s higher income plan and with-prospects fund will offer up to 2 per cent commission on all sales and transfers while the F&C blue will pay 1 per cent commission.

If IFAs forgo their commission F&C will allow up to 102 per cent unit allocation. Full trail commission will continue to be paid.

Head of IFA operations Jamie Farquhar says: “We are giving value to investors whilst not penalising them for seeking advice in the first place, and at the same time we are supporting the IFA industry.””


IFA firm opens new office in Glasgow

Telford-based IFA Start Independent is opening a branch in Glasgow, with 18RIs set to join its sixth regional office when it opens on February 1.Start Independent is part the Lifeboat Group, which also includes IFAnetwork A La Carte.Start Independent, which has 70 RIs, aims to recruit 600 more advisersbefore parent Lifeboat&#39s proposed flotation in 2005. […]

Smith made deputy sales director at Scottish Life

Scottish Life is promoting Jim Smith to the newly created position of deputy sale director from his former role as head of promotion and e-business.Smith, who was formerly head of remote distribution at NPI and assistant executive director, sales at Abbey Life, will report to sales director Jim Gilchrist.Scottish Life chief executive Brian Duffin says: […]

Outside edge

When the ABI announced the introduction of the Raising Standardsinitiative, my concerns were threefold.First, as I understand it, Raising Standards is solely a life officeproject that purports to represent the long-term savings industry. This iswholly inappropriate as many long-term savings products are offered byasset management groups and other types of business, including banks.This life office […]

L&G launches new survey

Legal & General has launched its largest ever Mortgage Club survey.Over 7,500 mortgage advisers will be consulted about the performance of lenders and the issues affecting the industry in the eighth annual survey.The results of the survey will also be used to determine the winners of this year&#39s Mortgage Club awards, which will be presented […]


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