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Framlington &#39knockout&#39 transfer deal

Framlington is offering what it is calling a “knockout transfer deal” for May, allowing investors to transfer their Peps and Isas into four funds managed by star fund managers Nigel Thomas and George Luckraft for no initial charge. It is offering 1.5 per cent up-front commission to IFAs during May, with 0.5 per cent a year renewal.

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Bonds hit as ScotEq slashes payouts

Scottish Equitable has imp-osed swingeing cuts on payouts from its closed with-profits funds following heavy investment losses, leaving some bond investors with less than the value of their original investment.After five years invested, a £10,000 investment in a with-profits bond will now be worth only £8,402 compared with £13,911 last year as its terminal bonus […]

F&C closes adviser salesforce and IFAs fear it could be first of many

F&C Management&#39s position in the UK retail market looks uncertain following its decision to close its IFA salesforce as financial pressure on the fund management industry continues to mount.In a move that IFAs fear could be the first of many, F&C has made its salesforce of eight redundant and scaled back its retail ambitions to […]

Imla says seller&#39s packs will cost time and money

The Intermediary Mortgage Lenders&#39 Association says home seller&#39s packs will raise costs and fail to improve consumer understanding.The Government sent out details of the proposed packs last week. Imla chairman John Heron says the plans have changed little since the original scheme was unveiled despite extensive feedback from the industry warn- ing the Government of […]

Biggest job cuts for six years hit financial services

Financial services companies have slashed jobs at the fastest rate for more than six years according to latest research by CBI/PriceWaterhouseCoopers. Its quarterly survey showed a 30 perc ent drop in staffing over the last three months, the biggest since September1996. The research also showed two consecutive quarters of declining business for the first time […]

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