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Sandler with-profits could be next misselling scandal

New style with-profits products proposed by the Sandler review will create confusion and misunderstanding and could become the next scandal to rock the IFA industry, fund supermarket Selestia has warned.

It says the new products bear little resemblance to old-style with-profits and it is misleading to call them by the same name.

Marketing director Bill Vasilieff says: “These policies are not with-profits as they do not share in the profits of the business. They are in effect smoothed managed funds and should only be described as such. The gulf of misunderstanding between what consumers will think they are buying, and the reality of what are actually investing in, is a real danger to the financial services industry and to IFAs.”


Residents of a South African hotel

Residents of a South African hotel were surprised recently by the sight of a Ben Kingsley lookalike climbing over the perimeter wall. The marauder was in fact Whitechurch Securities chief executive Kean Seager who, with his wife, had come back late from a spin around the local hinterland only to find the hotel gates firmly […]

War forces C&G to raise rates on fixed and capped homeloans

Cheltenham & Gloucester is raising the rates on its range of fixed and capped mortgages due to changes in world money markets resulting from the Iraq war.The one-year offer has been withdrawn and each of the two, three, five and seven-year offers have been repriced.Borrowers choice of fixed rates is now: two years at 4.59 […]

Grainger quitting Gartmore for F&C bond post

Gartmore senior fixed-income fund manager Paul Grainger, who runs £2bn for the com-pany, is leaving in August to join F&C Management as head of UK sovereign bonds.Grainger has been with Gartmore since 1999, taking control of its monthly income, high-yield corporate bond and corporate bond funds last August after the departure of previous manager Eran […]

Moral issues behind new market

Why does the traded life policy market split IFA opinion when clients can expect relatively risk-free returns of around 12 per cent and IFAs get 4 per cent initial commission plus trail?Traded life policies are life insurance contracts sold by terminally-ill policyholders to unlock the benefits before they die. Last year, Tep specialist Shepherds launched […]

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In Focus — February 2015

Jelf Employee Benefits looks at the issue of paying anaesthetist fees when the patient had no chance to discuss or agree to them prior to care; and provides recommendations for avoiding this scenario.


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