FundsNetwork has dramatic-ally ditched Norwich Union as its investment bond partner in favour of rival Standard Life amid concerns over NU’s admin.The fund supermarket says Standard will now provide both the platform’s investment bond and Sipp wrappers, taking it some way to offering a full wrap service. FundsNetwork, which was denying the move as late as last week, says concerns over NU’s multiple legacy systems and the difficulties in linking with them were a key factor in the decision to dump them, along with the two firms’ “different operational priorities”. In contrast, all of Stand- ard’s products are run off a single platform. In April, NU UK chief executive Gary Withers admitted improving the firm’s admin was his top priority. NU head of wrap Paul Stoakes says he is surprised that admin was a factor and he feels the main reason was because the investment bond was lower on its priorities than FundsNetwork’s because of its commitments to its own Lifetime wrap. FundsNetwork executive director David Dalton-Brown says: “The wrap is service-led and the first name that comes to mind on service is Standard. The second big advantage of working with Standard is that it has got one single comp- uter system for the whole company. Most others, like Norwich Union, have legacy systems. “This was a learning experience for both Fidelity and Norwich Union and has reinforced our relationship.” Stoakes says: “That surp- rises me because I believe that the main reason for the separation is our relationship with Lifetime and our diff- erent priorities.”
Putting customers’ interests at the heart of their business structures should be a basic requirement for all firms, said the FSA in a press release earlier this month. A firm must pay due regard to the interests of its customers and treat them fairly.
Is remortgaging going out of fashion? That is what lenders would have us believe, insisting that the new breed of products they are launching will do away with borrowers ever having to remortgage again.
Schroders’ multi-manager team has reduced its exposure to private equity firms after two of its investments reached a premium to net asset value.
Chemists in the south of France and north of Italy were cleared out of Vaseline last week as pedalling PR Adrian Cammidge of Aegon pushed through with his troupe of cycling colleagues. The Cammidge under-carriage is said to have re-sembled a baboon in heat after the 1,600 km trek from Calais to San Remo, raising […]
Just a quick post to alert our followers to the fact that the new Fit for Work service is – according to the rollout map – now available in all geographical areas of England and Wales.
- Top trends
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
Online wealth managers have struggled to enter the UK auto-enrolment market because of high costs and legislation and are now looking elsewhere for opportunities. Moneyfarm chief financial officer Paolo Savini Nicci tells Money Marketing the firm has no plans to get involved in auto-enrolment, because of a “crowded” marketplace, relatively low account values and high costs. […]
In recent months, providers have reassessed their plans on offering guaranteed drawdown products
The DFP Wealth Management IFA on the desperate need for a new generation of advisers and existing firms’ role in helping them in