View more on these topics

IFAs are urged to grasp chance in trustee advice

IFAs should seize the opportunity to provide investment advice to the trustees of trust funds following the introduction of the Trustee Act 2000 last month, says Scottish Mutual International.

The insurer says the act has generated more investment possibilities for trustees than previously available by lifting restrictions on the types of investments permitted under the old legislation.

The act allows trustees to invest trust money in any type of investment as long as they can demonstrate that financial advice was sought before investments were made.

The Trustee Investment Act 1961 forced funds to be split into two parts, with 25 per cent in narrow-range investments, such as bank deposit accounts, and 75 per cent in wider-range investments, such as shares.

SMI says this was an admin burden, with even the wider-range investments being restrictive as they were often limited to shares and unit trusts and excluded life insurance bonds.

Taxation and trusts specialist Liz Henderson says: “The provisions of the old act were widely criticised as being out of date and too cumbersome to administer. The Trustee Act 2000 opens up new opportunities for IFAs due to the wider range of investments.”



One of the advantages of having been in the industry for some time is that you do get to see the results of your labours. Whether this is policies maturing, or people retiring, the experience can often be very rewarding. However, sometimes the maturity of a policy means that there is a claim to be […]

BCAM does the splits for income and growth

BC Asset Management (BCAM) has brought in the BC income and growth fund.The fund is a Guernsey-based split capital investment trust that has been aimed at experienced investors who are looking for income and growth.BC income and growth will be split into two halves. Sixty per cent of the trust will be invested in the […]

Corporation tax

10. CORPORATION TAX Rates from 1 April 2001 have been held at their current levels which means that: The small companies&#39 rate of corporation tax will continue to be at 20%, and will apply where a company has profits of between £50,000 and £300,000. The full rate of corporation tax will continue to be at […]

Scottish Friendly Assurance cuts bonus rates

Scottish Friendly Assurance is reducing bonus rates on its with-profits plans, blaming low inflation and low interest rates.The reversionary bonus for 2001 is down 0.75 per cent to 1.75 per cent of the sum assured plus 4.25 per cent of previously undeclared bonuses, from 2.5 per cent plus 5 per cent in 2000. The reversionary […]

How do you choose the best online service?

By Ross Jackson, senior marketing manager There are many different protection online services available in the market and no doubt you’ll have used a few when submitting protection business. But why should you have to put up with slow, unresponsive sites for your business when you’re used to dealing with slick, modern user experiences in your […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm