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Pass extends scheme to AVCs

The Pension Advisers Support System is expanding its loan scheme giving IFAs financial support to cover compensation under the pension review to the review into the sale of pension top-up plans.

It is also relaunching its healthcheck service for IFAs to include a healthy options offering to meet IFAs&#39 req-uirements at each stage of the free-standing additional voluntary contribution review process.

The £100m scheme, funded by life offices, will now offer IFAs loans to meet compensation payments resulting from the FSAVC review rather than just the pension review.

Pass estimates the cost of the loans to IFAs to cover the FSAVC review will be about 10 per cent of the £30m of the loans paid out so far to cover the pension review. It says it has enough funds to meet these requirements.

The loan scheme, set up in 1999, has loaned £30m to over 300 IFAs. Minimum unsecured loan is £1,000 and maximum is £250,000. Loans must be repaid within eight years at an interest rate of 2 per cent over base rate subject to a minimum rate of 6 per cent.

The healthcheck service provides IFAs with Pass consultants to ensure their review work meets regulatory requirements.

Healthy options lets IFAs choose from four services – Identify, Specify, Verify and Remedy. Identify is for IFAs who have not had their work checked, specify looks at specific problems, verify checks the IFA has successfully completed the review and remedy helps when regulatory visits uncover problems.


With-profits bond gives guarantees

Scottish Mutual International is introducing a guaranteed with-profits bond. The single-premium unitised bond is available from April 17 and will initially be open only to residents of the Channel Islands and the Isle of Man. But Scottish Mutual says it will roll out the plan in the UK if there is enough demand from investors. […]


&#39Solid rise in house prices&#39

Continuing rises in house prices are creating a solid outlook for the rest of the year, according to March figures from Halifax and Nationwide. Halifax, the UK’ biggest lender, says the average property price rose by 0.4 per cent in March to £87,453 from February’ average of £87,088. Nationwide figures for March show a rise […]

In the lap of luxury

The recent research carried out by my organisation on behalf of IFonline into the use of technology by mortgage advisers identified that as many as a third of all advisers now use laptop PCs as opposed to desktop machines. Personally, I have long been a convert to the benefits of having a PC that can […]

Alliance Capital – ACM Bernstein Vallue Investments – European Value Portfolio

Tuesday, 10 April.Type: Ucits.Aim: Growth and income by investing in undervalued European companies.Minimum investment: $2,000 or Euros 2,000.Place of registration: Luxemburg.Investment split: 100 per cent in 70-90 undervalued European companies.Isa link: No.Charges: Initial – class A shares up to 6.25 per cent, annual 1.05 per cent.Commission: Initial 0.75 per cent.Tel: 020 7470 1588.


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