View more on these topics

Opra forms on defaults could not be clearer

I read with interest the article in the July 12 edition of Money Marketing

headlined, Life offices slam Opra on multi default funds.

The article states that: “…the regulator has allowed some providers

to offer more than one default fund on stakeholder schemes although many

providers had believed they were only allowed to register onedefault fund.”

Friends Provident manager Chris Bellers is quoted as saying: “This looks

as if some providers are achieving an unfair advantage.”

Not at all. Note five on the stakeholder registration form which every

provider completes to register a stakeholder scheme states quite clearly

that more than one default fund option can be provided.

It says: “If a scheme provides more than one automatic investment option

for different categories of member, please list them all and the category

of member to which they apply and continue on a separate sheet if


Page two of the scheme registration form carries a very large box for

specifying default funds headed: “Please list all default options if there

are more than one.”

The forms and their accompanying notes can be accessed through the Inland

Revenue website at:

I really cannot see how things could have been made a lot clearer.

Nick Edmans

Communications manager, Opra,

Brighton, East Sussex


Egg narrows losses

Online bank Egg has narrowed its losses to £63.4m for the first six months of this year, down from £80.7m for the same period last year.Egg says it gained 370,000 new customers in the last six months, bringing its customer base up to 1.7m, although it would not say how many customers had left over […]

iShares – iBloomberg European Resources

Tuesday, 24 July 2001.Type: Exchange traded fund.Aim: Growth by tracking the Bloomberg European investible resources index.Minimum investment: Subject to negotiation with stockbroker.Maximum investment: None.Investment split: 100 per cent tracking the Bloomberg European investible resources index.Place of registration: Dublin.Isa link: Yes.Pep transfers: Yes.Charges: Annual 0.5 per cent.Commission: None.Tel: 020 7668 8007.

NM Rothschild to advise Positive Solutions

IFA network Positive Solutions has appointed international investment bank NM Rothschild & Sons to advise on future corporate strategy. Positive Solutions says the move comes at a time when it is confident of achieving its ambition to become a major force among networks. It currently has 350 RIs and a projected turnover of £15m for […]

Halifax merger with Bank of Scotland cleared

The £30bn merger between Halifax and Bank of Scotland has been given the all-clear by trade and industry secretary Patricia Hewitt.In a move to create a rival to the big four British banks, Hewitt gave the go-ahead last week after expressing her satisfaction the deal does not present any competition concerns.She said the merger differed […]


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