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IFAs&#39 ICS fees soar by 50%

IFAs are to be stung with a 50 per cent increase in Invest ors&#39

Compensation Scheme fees to fund expected record compensation payouts due

to the pension review.

Firms will pay out between £450 per registered individual by the end of

the year. The biggest bill will be for Misys, which has around 4,000 RIs

and faces a bill of nearly £2m.

Misys says good IFAs are being penalised for bad ones. It is lobbying the

ICS for a product levy instead.

The lion&#39s share of the cash will come through the PIA, which will charge

life offices and IFAs around £62.8m out of the total levy of £66.3m. The

ICS will charge a further levy in October for the last three months of the

fiscal year.

The ICS says the increase reflects the rise in the average payout to

investors from £10,000 to £15,000.

Chief executive Myra Kinghorn says: “We are making a large levy. It

reflects the volume of new claims.”


AXA purchases remaining shares in Sun Life

Axa, the French insurance giant, has announced it is purchasing the remaining stake in Sun Life and Provincial Holdings it does not already own.The company already owns 56.3 per cent of SLPH, this deal will give it control over the remaining 43.7 stake in the life office.SLPH&#39s shareholders will receive 500 pence in cash, and […]

IFAs get a line on The Exchange

The Exchange is offering IFAs free ISDN installation and WAP mobile phonehandsets in a move it says will speed up its quotation service. The companysays the ISDN connections will give intermediaries faster access to productquotations, business services and financial strength research through itsExweb service.The offer is running alongside The Exchange&#39s WAP launch to consumerswhich will […]

The merged group….

The merged group of CGU and Norwich Union will locate its life functionsin York although it will not yet confirm staff numbers. Norwich will housethe group&#39s general insurance section although the city will still be hitby job losses. Group corporate operations will be based in London. A CGUspokesman says, out of the 35,000 employed by […]

Standard & Poor&#39s Micropal Top 10s

Smaller companies funds still dominate the unit trust table, with sixfunds in the top 10.Artemis UK smaller companies is leading the table with a return of 214 percent while Beacon Investment is close behind with a return of 194 per cent.But volatility in the technology sector does not seem to have harmed CFtechnology growth, with […]


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