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Jupiter turns away from fund performance fees

Jupiter says it is highly unlikely to apply performance fees to its existing funds after its IFA research unearthed fears about complexity and also revealed widespread contentment with the existing arrangements.

The company broke ranks with the rest of the industry in February when it said it would poll its key distribution partners about the opportunities presented by the FSA&#39s liberalisation of fund regulation. Chief among these was the prospect of performance-related fees, which it hoped could be introduced to its current fund range in a variety of formats.

But now the firm says the chances of adjustable fees being applied is virtually nil, with most IFAs expressing no desire to switch from the existing discounting arrangement.

It also says that, given the complexity of the new rules – and the fact that unitholder approval would almost certainly be required – there is little point in introducing fees on its existing range but it is considering designing new funds built around performance-related fees.

Joint managing director Gordon Davidson says: “Our IFA supporters are very happy with the existing situation whereby discounts are available and performance is good. Just dropping in a performance fee without understanding the consequences could be dangerous.”


FSA opening up to IFAs with regional surgeries

The FSA is going on the road in its first series of regional visits to IFAs which it hopes will make it appear more approachable. First port of call is Gloucestershire, where six members of the FSA team will answer queries from IFAs. IFAs will be able to book 45-minute surgeries to discuss issues. The […]

Leeds & Holbeck – 20 Year Fixed Rate

Type: Fixed-rate mortgage Fixed term:Until September 1, 2024 Fixed rate: 5.99% Minimum loan: £25,000 Maximum loan: Up to 90% of valuation subject to a maximum of £300,000, up to 85% of valuation subject to a maximum of £400,000, up to 80% of valuation subject to a maximum of £500,000 Income multiples: Up to 90% of […]

Exclusive Connections – Next Move Tracker

Type: Tracker mortgage Tracker term: Lifetime of loan Tracker rate: 1.35% above Bank of England base rate Payable rate: 6.5% Minimum loan: £25,001 Maximum loan: Up to 85% of valuation subject to a maximum of £500,000, up to 80% of valuation subject to a maximum of £800.000, up to 75% of valuation subject to a […]

C&G and Lloyds TSB team up for offset mortgages

Cheltenham & Gloucester and its parent firm Lloyds TSB are offering an offset mortgage, combining a C&G mortgage with a current account from Lloyds TSB. The mortgage, savings and current accounts remain separate but the balances are offset to reduce the interest due on the mortgage. Customers carry on banking in exactly the same way. […]

Benefits - thumbnail

Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


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