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L&G is dragged &#39screaming&#39 into revealing WP figures

Legal & General admits it has been dragged “kicking and screaming” into providing IFAs with past-performance figures for its with-profits fund.

Its confession follows recent criticism from IFA Chartwell Investment Management which highlighted the difficulties experienced getting information from L&G for its with-profits guide.

The life office was the only major provider not to give past investment performance details. Scottish Widows only gave the figures on condition that the IFA would not publish it but it now too is openly giving performance data.

According to confidential ABI figures for 2001, L&G and Scottish Widows were the fourth and fifth-biggest providers of with-profits bonds in 2001, with sales of £1.1bn and £1bn respectively.

L&G head of IFA sales Jon Tucker says: “We have been taken kicking and screaming to taking the decision to disclose the past performance for with-profits. We do not think it is in the consumers&#39 best interests.”

Chartwell Investment Management director Patrick Connolly says: “I am very glad that L&G have decided to provide us with this information. We now have the basic information from all the major providers. If with-profits is going to survive, there will have to be increased transparency.”

Torquil Clark investment strategist Philippa Gee says: “If you want to be in the with-profits market now you have to give facts and figures.

“It is welcome but, after Sandler&#39s recommendations, it is only the basic starting point of what is required.”

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