View more on these topics

L&G to claw back £147k from plans on Cofunds

Legal & General is clawing back £147,000 of commission from cancelled pension policies and bonds executed on the Cofunds platform.

PR manager Mike Connolly says L&G is contacting firms to claw back the cash, which was paid on portfolio plus pension policies and its portfolio bond over the last four years.

Last December, L&G told advisers it would be clawing back £2.4m of commission from cancelled pension policies after a sweep of unclaimed clawbacks.

But Connolly says: “Having looked at the clawback pos- ition on some of our pension products earlier in the year, we are considering whether we can also apply the same clawback process through Cofunds. In this case, it is a very small number of companies involved so they will be contacted individually.

“It is a relatively small amount which indicates that Cofunds’ business has been persistent.”

The move comes after L&G switched from a manual system to an automated process. The system enables the firm to look back over four years to see if the manual system has failed to pick up on any polices that have been terminated or cancelled within the clawback period.


FSA should be backing profitable small firms

I am starting to wonder if big firms and networks can ever be viable after all the failures and losses of recent years. How ironic it is then that the FSA is trying to exterminate small firms which present the least risk and whose owner/managers have the greatest vested interest in ensuring their successful continuation.

DB deficit at tipping point

Nearly a quarter of FTSE 100 firms will be unable to pay off their pension deficits over any reasonable time period, according to KPMG research.

Principal principles

The appointed representative regime has been in existence well before the advent of the FSA. The governing FSA rules have been amended over time but the basic formulation remains the same – an AR network carries on regulated activities on behalf of an authorised firm in exchange for a share of commission and other remuneration.

Inheritance tax and estate planning – exemptions and reliefs

By Kim Jarvis, technical manager with Canada Life’s ican Technical Services Team In this article we look at the main exemptions and reliefs that are available on death. Within the article, spouse also means civil partner.   Nil-rate band Under current rules, any part of the estate that falls within the available nil-rate band (NRB), […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm