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IFAs to shun Standard for new WP business

IFAs do not plan to advise their clients to transfer out of Standard Life&#39s with-profits fund but will not recommend Standard for new with-profits business, according to a survey for Money Marketing.

Four-fifths of the IFAs in an online poll say they will not recommend their clients to transfer out of Standard&#39s with-profits fund while 20 per cent say that they will recommend clients to transfer but 67 per cent say they will not recommend Standard for new with-profits business.

The problems have also made 42 per cent of IFAs less likely to recommend Standard Life for other types of products.

A total of 318 advisers responded to an online survey which included seven questions on Standard Life&#39s mutuality review, marking the first time that a significant body of IFAs have responded to the situation.

Chambers Morgan James managing director Marlene Shalton says: “Although some clients might be in line for a windfall payment once Standard demutualises, this will take some time to happen and during this per-iod they could be losing money. Once we heard about the solvency problems, we thought it would be prudent for our clients to move.”

Michael Philips proprietor Michael Both says: “I think I would be more cautious. In situations like this, I tend to take a slower approach because once your clients have incurred charges there is no going back.”

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