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I don&#39t believe it!

If Victor Meldrew were an IFA and read Lorna Bourke&#39s article about

stakeholder commission (Money Marketing, July 19), he would have said the

same thing I did.

I can summarise what most IFAs must feel in three points:

1. We are now being told that even commission in the 1 per cent world is


2. Lorna obviously does not understand how commission works because the

commission is a percentage of Lautro rates, not a percentage of the premium

Scottish Equitable would pay us (we are DBS members) – £920 for a

£3600 annual premium for a 30-year old.

3. Lorna obviously does not understand how commission works because the

commission is a percentage of Lautro rates, not of the premium.

I do realise that 2 and 3 are the same but I think it is an important

point. Innocent members of the public should be protected from inaccurate

journalism. Will this lead to the next “mis-not-taking-any-action-at-all”


Phil Gammond

The Dunne Partnership, Cheshire


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The Daley Update

Credit Suisse Asset Management is cutting the initial charge on its incomefund by 1 per cent to 4.25 per cent until August 31. The fund, managed bystar manager Bill Mott, has been one of the best performers in the pastyear, with a return of around 11 per cent for the 12 months to mid-July.Minimum investment […]

NM Rothschild to advise Positive Solutions

IFA network Positive Solutions has appointed international investment bank NM Rothschild & Sons to advise on future corporate strategy. Positive Solutions says the move comes at a time when it is confident of achieving its ambition to become a major force among networks. It currently has 350 RIs and a projected turnover of £15m for […]

Julian Gibbs

There is still a huge amount of long-term investment money deposited withbuilding societies – far in excess of what investors need to coveremergencies. The problem for investors is that interest rates have fallendramatically, with most banks and building societies paying less than 5 percent gross on most of their accounts and as low as 1.1 […]


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