The FSA’s approval process discriminates against the inclusion of non-Ucits retail schemes in life and pension wrappers, says fund manager Insight.Unlike Ucits funds, there is no automatic approval for Nurs funds as permissible properties for linked life contracts. Providers must apply to the FSA for a waiver to include the funds. Nurs funds are automatically eligible for inclusion in Isas, Peps and child trust funds. Insight says the approval process could create a distortion in the use of Nurs funds by life offices and has written to the FSA for clarification on the issue. Head of product and marketing Brett Greatrex says: “It would be helpful if the FSA could acknowledge this anomaly and allow the inclusion of Nurs funds in life and pension wrappers without extra clearance.” FSA spokesman Robin Gordon-Walker says: “The present situation involves life and pension funds applying for the inclusion of Nurs funds on a case-by-case basis. There is consideration of the permitted links issue going on, partly in response to industry pressure and partly because it is something we feel we should look at.”
The Bank of England Monetary Policy Committee has decided to leave the base rate unchanged. Clydesdale chief economist Tom Vosa says: “The decision was widely expected given signs that the housing market has stabilised and the continued high level of energy prices. It may be a little clearer whether reductions are on the horizon on […]
Britannic Asset Management’s Argonaut European alpha fund has taken 100m in under six months. The Oeic, managed by Barry Norris and Oliver Russ, was launched in May 2005 and has been supported by a number of multi-managers including New Star’s Mark Harris.The fund is a high-conviction portfolio targeting a high return. 1000 invested at inception […]
Alliance & Leicester
Two Year Fixed Rate Feesaver
Which? says that the recent PPI investigation carried out by the FSA is shocking but unsurprising.
Commenting on the update on PPI principal researcher Mike Naylor says: Which?, says: “The results of the FSA investigation are confirm that many financial companies aren’t complying with the new regulations that have been in effect since January this year.
“There’s a real danger that many people have been sold unsuitable policies, are paying more than they thought or don’t realise they won’t get a lot of their money back if they cancel the policy.”
Pension scheme membership among employees has risen by more than five million in the past four years because of the policy of automatic enrolment into workplace pensions. But Britain’s army of 4.4 million self-employed people, who account for one in seven of the workforce, are not covered by automatic enrolment. Pension coverage among the self-employed […]
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BMO Global Asset Management fund manager Robert Burdett has more than halved the exposure to passive funds in most of the multi-manager funds amid fears of a bubble in the market. Burdett, who co-manages the £1.2bn F&C MM Navigator Distribution fund with Gary Potter, says the team has been cutting exposure to passive funds across […]
Opinion differs as to what has caused the advice gap. Some believe the move from commission to fees has made advice unaffordable for the mass market, with advisers having to focus on wealthier clients for commercial reasons, while others say the trend was happening anyway, regardless of the RDR. For Simplified Money director Lesley James, […]
Sales of protection policies are back at peak levels, with the sector growing by more than 20 per cent in the past year, despite adviser complaints over protection’s lack of popularity. According to the latest figures from Equifax Touchstone, sales of protection policies surpassed £149m between July and September this year — their highest level […]