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Friends offends again

Bungle Busters makes a special comeback this week after Friends Provident&#39s tied salesforce again wrote to IFA clients offering financial advice.

The life office has left an IFA disgusted after his clients rec-eived letters from Friends&#39 First Call salesforce offering advice on inheritance tax planning.

Friends has finally admitted it is “having problems” after a spate of incidents reported in Money Marketing over the last year. It blames the problems on the external company which supplies its mailing lists.

It says the problem occurs because direct-sales staff buy lists of potential customers from the company but do not edit them before contacting people.

Leonard J Mace & Co sole trader Leonard Mace says: “I am disgusted with Friends causing an unlevel playing field between direct sales and the IFA channel by not editing their lists. IFAs are getting treated worse and worse and getting less support. The end result is I do not want to do business with Friends anymore.”

Friends communications manager Jim Murdoch says: “It is impossible to edit the lists before they go out as the job is too massive. But we do not want to be seen as poaching IFA clients. We are hoping to sort this out and be able to edit the lists before the invitations are sent in the future.”


Pension sharing

While the plain vanilla stakeholder pension plan is poised to help society cope better with pension provision, can it provide effective tax-planning solutions as well?Long before the Green Paper which launched the stakeholder consultation process, it was clear that here was a pension scheme that would cause a sea-change in attitudes to pensions. By creating […]

IFAs want ABI to clarify stance on polarisation

IFAs are demanding the ABI clarifies its position on polarisation following the revelation in Money Marketing that its last FSA submission advocated white labelling.The ABI says the clause on white labelling was included after lobbying from its members. There was no such clause in the original draft submission sent out to life offices.But providers with […]

FSA pushes back FSAVC deadline

The FSA has put back the deadline for smaller IFAs to submit details of their review population for the FSAVC review. The deadline for IFAs which advised on or arranged less than 100 FSAVCs has been changed to September 15 from September 1, 2000, the same date as firms with 100 to 1,000 FSAVC cases. […]

New thinking for training

David Jackman is on the T&C warpath. The FSA head of industry training is out to bring IFAs into line. Jackman explains that from his perspective as training regulator across financial services, including banking, futures and corporate finance, IFAs need more T&C than most. He claims “some of the highest consumer protection risks are at […]


The Brunner Investment Trust – April 2017

Welcome to the latest update for The Brunner Investment Trust PLC from the Trust’s portfolio manager, Lucy Macdonald. Market Review Global equities have rallied over the first quarter of 2017, buoyed by signs of strengthening growth and optimism over company earnings, although this rally has faded towards the quarter end. US equities posted their strongest […]


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