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Sandler adds fuel to review worries

Ron Sandler, the head of the Treasury investigation into the retail

investments, has stoked IFA fears about his review by claiming distribution

has an inbuilt ambiguity.

In an interview in the Sun-day Times, Sandler said there is prima facie

evidence that unit trust charges are high and acknowledged the high level

of concern about with-profits.

His comments suggest that fund managers may join life offices and

actuaries could also be hit by the review.

The Sunday Times said Sandler&#39s comments suggested that advisers may have

difficulty giving impartial advice because of commission.

The Treasury says Sand-ler will not be giving further interviews before

the publication of his report.

Pretty Technical partner Kim North says: “There is massive

misunderstanding among the public about commission. It does need to be

totally transparent but often coverage from the national press overrides

the fact that it can be better for the client for us to work on commission

rather than a fee basis.”

Aifa director general Paul Smee says: “At least Mr Sand-ler is open about

his agenda. It is up to us to convince him that the market operates

efficiently and in the interests of the consumer.”



Police Mutual picks chief exec

Police Mutual Assurance Society, one of the UK&#39s biggest friendlysocieties with assets of over £1bn, has appointed Graham Berville aschief executive to succeed Peter Sharpe. Berville joins Police Mutual fromCGNU, where he was a director in the UK life operation. He was previouslywith the Automobile Association in a variety of roles in its insurance,retail and […]

Depolar &#39icing&#39 as AMP buys Towry

Australian financial giant AMP is buying IFA Towry Law for £75.7m,ending months of uncertainty but provoking a row over an Investors&#39Compensation Scheme bailout worth more than £30m. Towry Law also announced a massive £73.5m loss for the last year. The deal gives AMP 200 RIs in the UK and 100 international consultants.AMP told Money Marketing […]

Chelsea gives half-year discount on buy to let

Chelsea Building Society is improving the terms on its buy-to-let mortgageby offering a 2 per cent discount for the first six months. The new loan will be discounted to 4.74 per cent. Following the discountedperiod, the rate will revert to the standard variable rate, currently 6.74per cent, plus 0.25 per cent. Chelsea says investors who […]

NDF announces 3rd bonus plan

NDF Administration has brought in the extra bonus plan 3, a guaranteed growth bond. The bond has been designed for investors who are looking for short term growth over a 13-month period, and who want to shelter any returns from capital gains tax.The plan will invest in a Dublin-based investment company, which will in turn […]

How QE is distorting the gilt market

By Mike Riddell The moves in gilts in August were truly exceptional. Volatility in the gilt market (based off 10-year gilt futures) has soared to close to the highest levels seen this millennium, on a par with the eurozone debt crisis of 2011/12 and behind only the global financial crisis of 2008/09. The first distortion […]


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