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Nothing is free

I refer to recent correspondence on who pays for adding a five-year capital guarantee to a with-profits policy.

To say policyholders do not pay as the cost comes out of the free assets is typical of the lack of transparency in with-profits.

What this explanation fails to point out is the free assets come from amounts held back from policyholders so, ultimately, of course, the policyholder pays.

It is just this sort of continuing refusal to face up to the fact that you cannot go on telling the public that they can have something for nothing that has led to the collapse in confidence and resulting demise of with-profits.

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Seasonal software

With one month to go until the end of the tax year, it increasingly appears there is an Isa season taking place. Around 50 per cent of Isa investments via IFAs are now placed via fund supermarkets, as opposed to 20 per cent of all new Isas. Cofunds told me recently that it is already […]

Rathbone sets up division to focus on ethical sector

Rathbone Investment Management has started a specialist unit, Greenbank, to service clients wanting to make ethical investments. Chief executive Roy Morris says Rathbone&#39s ethical investment business has grown to the extent that it has decided to establish Greenbank to further its commitment. He says Greenbank will build on Rathbone&#39s key strengths of independence and focus […]

Correspondent&#39s week

Off to lunch with the Antichrist. But the Prince of Darkness is late – even later than me – as he manages to lose himself in Clerkenwell&#39s alleys. When Satan, aka Julian Penniston-Hill of trail commission-grabbing Intelligent Money fame, sits down, we realise we have spoken before. He invented those IFA Isa booklets which used […]

Out of context

•”We will just get back to our McFlurries.” – Abbey for Intermediaries head of protection, marketing and product development Nick Kirwan enjoys fine dining on the road. •”I watched the Brits on television last night and could not remember anything about being there.” – Scottish Widows PR Paula Sutherland. •”I performed at the Millennium Stadium, […]


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