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Legal & General and new business

Open letter to J Tucker, Head of IFA Sales, Legal & General

I read your letter in Money Marketing (June 27) and I can only imagine that this was a response to an earlier letter where I criticised L&G.

Your letter very much confirms the point I was trying to make – that quite simply all you are interested in is new business and everything is new-business driven.

Once someone is on shall we say on “the books” they become a piece of history and it is the next way of improving your bottom line that is the sole motivating factor.

At least I can thank you for being so honest in emphasising the new business and the lack of attention to existing cases.

D A Budge

Managing Director, Budge and Co., Harrogate


Investors take the rough with the smoothing

While I understand the argument being put forward by Hargreaves Lansdown over the sale of with-profits bonds, I totally disagree with its view.Hargreaves argues that if stockmarkets rise, life companies will use profits to boost their financial strength rather than pay all these profits to policyholders. In this case, Hargreaves should never have been recommending […]

Vive les tax differences

Last week, I started to describe some of the main differences between offshore roll-up funds and offshore bonds, in the context of proposals in the Government&#39s consultation document on offshore funds.As I pointed out, anyone advising clients where an offshore investment may be appropriate has to make decisions regarding the suitability of any particular investment […]

&#39Need for standard misselling definition&#39

Ron Sandler has called on the FSA to come up with a standard definition of what constitutes misselling to provide IFAs and providers with greater certainty as to what is acceptable practice.In his report Sandler says there needs to be more information about misselling because of its importance in the regulatory framework. It points out […]

FSA set for probe into unfair contract terms

The FSA is to start a consultation into unfair contract terms later this summer which could force life offices to review their existing books and allow policyholders to escape unfav-ourable contracts.The consultation, which could leave a large dent in life office coffers, is thought to cover the swathes of policyholders stuck in closed funds or […]

Passport - thumbnail

Thinking of expanding overseas?

Whether you’re a small company or an established larger employer, expanding overseas into emerging markets can be an extremely attractive prospect for growing your business. However, with this comes a duty-of-care requirement to any staff based overseas.


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