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Life offices named as withholding WP figures

Life offices which will not reveal the underlying performance of their with-profits funds have been named and shamed by an IFA survey.

Legal & General, Scottish Widows and Friends Provident refused to reveal their underlying fund performance to Chartwell in a survey on with-profits bonds.

Britannic, Scottish Equitable and MGM gave details only on the condition they were not made public.

Chartwell says fund performance is critical for investors and IFAs to compare bonus declarations.

Associate director Patrick Connolly says: “We tried to conduct a similar survey last year and were met with closed doors. Our purpose is to expose companies not being open about their fund performance. If they do not become more open, investors will go for alternatives. Companies are only harming themselves by not doing this.”

Cazalet Financial Consulting principal Ned Cazalet says: “Investment returns are not top secret. There is no reason why companies should not state their investment performance. Companies like to sell on the basis of their past performance so why can&#39t they reveal it?” Friends Provident refused to comment. Scottish Widows were unable to comment. Legal & General says it cannot comment until it investigates the matter.

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