The Oakwood Group is likely to use packagers despite Michael Bolton’s outspoken criticism of the market.MBAC Consulting director Alan Cleary, who is expected to form part of Oakwood’s senior team, anticipates that the new firm will use packagers to add value and help with distribution. Cleary says: “I would have thought that Oakwood will deal with selected groups of packagers to bring products to the market because a small part of the market still adds value.” The news comes after claims by Bolton, who is likely to be Oakwood’s head, that the packager market has never been in such a bad state. On July 10, Oakwood is expected to reveal its brand name and launch date, which is thought to be in September.
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The Tories have tabled amendments to the Finance Bill to change the definition of residential property in a Sipp in a bid to highlight what they claim is the complexity of the new regime.
Norwich Union is lining up a twin-pronged assault on the pension term assurance market with the launch of life insurance with tax relief and mortgage life insurance with tax relief plans. The policies will follow the same product designs as its level and decreasing term products while offering tax relief at the client’s taxable rate. […]
French bank Credit Agricole has confirmed it is considering a takeover bid for Alliance & Leicester. The move has been welcomed by brokers, who believe A&L needs investment so it can challenge HBOS at the top of the mortgage market. CA says it is at the early stages of evaluating a possible takeover. Abbey owner […]
Indian equities have officially re-entered a bull market, with the benchmark index climbing to a 11-month high. Better-than-expected data on US jobs and a brightened outlook for global growth have contributed to the market’s strong returns, but domestic drivers have also played a big part in the recent rally. Kunal Desai, Manager of the Neptune […]
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A majority of independent financial advisers think there should be a single rate of tax relief according to this week’s Money Marketing poll. More than 120 advisers took part in the poll with 77 in favour of a single rate of tax relief, 39 against and six undecided. Yellowtail Financial planning managing director Dennis Hall […]
The FCA has issued a warning over ‘commoditised’ defined benefit pension transfers running the risk of unsuitable advice. In a letter sent to advisers holding pension transfer permissions, the regulator reminds planners that a “key area” of its focus is on pension transfers, and that it will later this year be contacting all firms to […]
Problems look set to arise for pension schemes operating relief at source