HBOS Financial Services is shunning basic advice and will continue to offer full advice on stakeholder products through its Halifax branch network from April 6.The group is launching the Halifax cautious managed fund, to be run by sister group Insight Investment, as its default stakeholder medium-term savings product on the same date. HBOS was one of several providers and distributors which tested the basic advice regime with the FSA but it has come down firmly against offering it itself. Halifax Financial Services managing director Ray Milne says the group has the scale to offer full advice and will continue to do so. The basic advice regime is seen as too basic and could potentially disadvantage customers, he adds. Take-up of the basic regime has been very limited, with few IFAs interested and the threat of indemnity claims from potential misselling putting off many bancassurers. Milne stresses cost is not the issue for Halifax as the combined group has one of the lowest customer acquisition costs in the industry. He says: “I would be surprised if, come April 6, 2005, we are the only bancassurer providing stakeholder products with full advice.”
“I have to make all my business calls from the shed.” – An IFA is forced outside by his wife.“As we’re all likely to get picked on tonight, let me contrib-ute.” – Destini Radnor MD Barry Thorpe cracks the ice with female guests at the Women’s IFA Group dinner.“Inside me is a skinny woman screaming […]
Norwich Union has slashed annual bonus rates on its with-profits products by 25 per cent but remains upbeat on the outlook for the asset class. Bonus rates on its closed NULAP/CULAC funds, in which the majority of its three million policyholders are invested, were reduced from 4 per cent to 3 per cent, bringing them […]
Non-conforming lender Mortgages plc believes the challenges to innovation posed by regulation will see lenders bounce back with some interesting products and it has its own range lined up, including plans for affordability-based lending.
Aberdeen Asset Managers launched a new pricing structure to benefit longer-term holders of PEPs and ISAs. Aberdeen has introduced a flat ISA/PEP fee of 24 a year, regardless of the number of Aberdeen investment trust ISAs and PEPs held by individuals.
By George Boyd-Bowman, Fund Manager at Neptune Many Western investors have long bemoaned the lack of a true dividend culture in Japan, claiming the corporate culture is not tilted in favour of shareholders. Yet today, in the Land of the Rising Sun, we see a fresh impetus to focus on shareholder returns, which is leading […]
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A majority of independent financial advisers think there should be a single rate of tax relief according to this week’s Money Marketing poll. More than 120 advisers took part in the poll with 77 in favour of a single rate of tax relief, 39 against and six undecided. Yellowtail Financial planning managing director Dennis Hall […]
The FCA has issued a warning over ‘commoditised’ defined benefit pension transfers running the risk of unsuitable advice. In a letter sent to advisers holding pension transfer permissions, the regulator reminds planners that a “key area” of its focus is on pension transfers, and that it will later this year be contacting all firms to […]
Problems look set to arise for pension schemes operating relief at source