View more on these topics

NU rejects wrap claims and slams supermarkets

Norwich Union director of business development Simon Massey has rubbished rumours that its Lifetime wrap has stopped accepting new business and has hit out at fund supermarket platforms, saying they lack transparency.

NU has brought its wrap business in-house, closing its Cambridge office with 200 staff and moving to York.

Massey says the restructure has had no impact on service. He refuses to reveal how much assets Lifetime has under management but says volumes have been increasing steadily.

Massey also criticises fund supermarkets. He says: “They are using wrap language but they are completely different to wraps. Wrap offers a very transparent proposition but fund supermarkets are not delivering that.”

Cofunds spokesman Rich-ard Eats says: “What we attempt to do is replicate as far as possible the charges if you bought the funds direct from the fund manager. It is about as simple and transparent as you can get.”


Closed run thing

By the time you read this, I will have attended my first Association of Investment Companies roadshow of 2007. Or at least, I hope I will have done. Writing this, I am only too aware that our weather forecasters are expecting the arrival of winter this week.

Check into hotel room with Aegon Sipp deal

Aegon has added buy-to-let company GuestInvest to its Sipp as part of the expansion of its Sipp property portfolio.The deal will enable investors to buy a room in a hotel at a commercial rate on a 999year lease and get a return by letting it out, plus any capital appreciation on resale.GuestInvest manages the hotel […]

FSA Chief Executive: Good timing as Tiner aims for private sector

John Tiner’s decision to leave the FSA took some by surprise but industry experts suggest that the timing of the move is a combination of good governance and personal ambition.Beachcroft regulatory consulting managing director Richard Hobbs says that by stepping down in July, Tiner ensures his leaving date does not clash with that of chairman […]


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