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MGM puts back launch of flexible annuity

MGM Advantage has pushed back the launch of its flexible income annuity until at least the fourth quarter after discussions with the FSA on product design.

The firm planned to launch the product in June although it was delayed until September 1 and has now been put back to the end of the year.

The annuity is likely to offer customers a minimum income guarantee set at 50 per cent of a benchmark annuity, which will be the monthly average of the three best conventional annuities on the market. It will offer the potential for income to grow over time.

Sales and marketing director Aston Goodey says: “The product has moved a lot since its inception. The hold-up has been about getting the product right rather than coming to market with something that was conceived a year ago, since when the market has moved on.”


Touch v Tenet for Row staff

Personal Touch Financial Services and Tenet are competing to sign Park Row’s 240 advisers after both firms were invited to present their plans in roadshows this week.

Tories water down IHT commitment

The Conservative Party has watered down its previous commitment to raise the inheritance tax limit to £1m, suggesting this would now be done during its first term rather than as a priority.


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