View more on these topics

Friends crosses IFA after pledge on &#39poaching&#39

Friends Provident is under fire again for trying to poach IFA clients after it had given an adviser written reassurance that it would not cross-sell.

Swansea IFA Keith Lewis of Hartley Great-batch & Co says he had received a letter earlier this year from a Friends head of sales stating that mailing lists were cross-referred to ensure IFA clients are not contacted directly.

But six months later, an established Hartley Great-batch client was contacted by Friends to invite him to a director benefits seminar in September.

Lewis says: “How did they know my client was a director? It is an outrage that companies such as Friends Provident write direct to clients, especially since we had received reassurances from the IFA sales arm that this would not happen. It seems that they do not care an iota for IFAs.”

Friends manager of IFA business support services Mike Lee says: “We bought the list from an external company which specifies director-level contacts within a certain area, which is how we knew the client was a director.

“Because we mail thousands of people with seminar details and get a low response rate, we will only cross-refer when they say they are attending. If delegates then turn out to be an IFA&#39s client we will back off.”

Recommended

Improvements to buy to let range from UCB Home Loans

Nationwide specialist lender UCB Home Loans is increasing maximum loan amounts and reducing loan to value limits for its buy to let products to meet demand for larger buy to let loans.The maximum loan is now £400,000 for a mortgage up to 75 per cent loan to value and £300,000 on a mortgage up to […]

First National – 3 Year Fixed British Mortgages Abroad

Tuesday, 4 September 2001.Fixed term: Three years.Fixed rate: 7.3 per cent.Minimum loan: £35,000.Maximum loan: Up to 80 per cent of valuation subject to a maximum of £1m.Income multiples: 3.5 times principal income plus second or 2.75 times joint. Arrangement fee: $1,000 up to 74 per cent of valuation, $1,125 75-80 per cent of valuation.Redemption fee: […]

Dilemma of what to do with fund as deadline looms

The following details are those of an actual scenario might even merit the attention of MM columnist Tony Wickenden. Many of MM&#39s readers may be involved in similar situations now or in the future. Clifford and Mary (actual names) spent all their working lives in Nigeria and brought up their two daughters there. Cliff was […]

Cancer tests may lead to dual-pricing

Critical-illness policyholders will have to choose whether to pay higher premiums or have less coverage if the ABI implements the results of a consultation exercise. A Government screening policy for prostate cancer means more cases are expected to be caught, resulting in increased claims.The ABI asked members if they wanted policy wording to be rewritten […]

Neptune Global Income: Is Japan the best dividend market in the world?

By George Boyd-Bowman, Fund Manager at Neptune The Neptune Global Income Fund seeks exposure to the very best – and often overlooked – income opportunities from across the world. Unconstrained by benchmarks, the fund currently has 24 per cent invested in Japan, differentiating the high conviction portfolio from many of its peers. Watch Neptune Fund […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment