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IFAs maintain their grip on pensions

IFAs are holding on to their grip of pension market, acc-ounting for 85

per cent of new single-premium sales in the second quarter of this year.

Latest ABI figures also show IFA sales of regular-premium collective

investment schemes, which include Isas, unit trusts and Oeics, up to 18.4

per cent from 11.8 per cent. This is despite premiums going down to

£162m from £182m.

IFAs account for 89.8 per cent of group regular-premiums, including

pensions and income protection, up from 79.6 per cent last year. Sales of

these products jumped to £335m from £251m last year.

IFA group single-premium sales, however, fell to 48.8 per cent from 83.2

per cent but premiums were up to £2.5bn from £849m.

Total pension sales were up by 67 per cent on the same period last year to

£864m equivalent premium income from £586m last year. Sales of

stakeholder were at £69.4m, accounting for 8 per cent of total sales.

Annuity and drawdown sales were down to £1.9bn from £2.1bn last

year, with IFA sales accounting for 76.7 per cent up from 63.2 per cent

last year. Collective investment sales fell to £398m from £427m.

Life sales were down to £925m from £930m despite total life and

pension business rising to £3bn from £2.5bn last year.

Klonowski & Co proprietor Francis Klonowski says: “Even if you take into

account the impact of transfers from phased drawdown and drawdown

transfers, these figures reflect the confidence people have in independent



B&B profits up but jobs to go

Bradford & Bingley is axing 500 staff as part of a cost-cutting drivedespite seeing profits rise by 22 per cent in the half-year to June. Profits rose to £119.7m from £98.1m in the six months toDecember but the former building society said it inten-ded to slash jobs ina bid to save £30m by the end […]

Companies move to quality street

The article by Peter Hargreaves What does the client want, Mr Sandler(Money Marketing, August 16) raised some important issues regarding actionby the financial services industry over clarity and customer service. The industry is, in fact, addressing those issues through the RaisingStandards quality mark scheme. Forty-nine brands, representing 82 per centof the life and pension market, […]

Equity Partnership – Equity Partnership Investment Company

Wednesday, 29 August 2001.Type: Offshore split-capital investment trust.Aim: Income and growth by investing in investment grade bonds, high yield bonds, convertible bonds, a diversified portfolio of bonds, quoted equities, unquoted equities, investment trusts, unit trusts, oeics and hedge funds.Minimum investment: Subject to negotiation with stockbroker.Place of registration: Isle of man.Investment split: 40 per cent quoted […]

Black to the future

The recent MM profile of Towry Law chief executive Douglas Black promptedan unprecedented response from readers but one correspondence caught theDiary&#39s eye more than any other stunt on the back of the IFA&#39s current betenoire. Scottish Life general manager (sales) Jim Gilchrist was so inspired byBlack that he suggested someone should establish a Douglas Black […]


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