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ScotEq criticises IFAs over trust plans

IFAs could be neglecting their clients&#39 needs by failing to write

more investment bonds in trust, claims Scottish Equitable.

Head of sales for personal investment Peter Bradshaw says many IFAs

do not take into account rapidly changing domestic situations and

inheritance tax pitfalls when writing investment business.

As a result, he claims IFAs are not only doing their clients a

disservice but also missing out on the opportunity to boost their

professional image.

Bradshaw says IFAs risk landing investors&#39 beneficiaries with a

substantial tax bill – to be paid in advance – in the event of their

death or even risk the proceeds going to a long-lost relative instead

of the intended person.

Bradshaw claims the problem is that many IFAs lack knowledge on how

to set up trusts or consider the collation of trust documentation to

be too laborious a process.

He says: “There is a huge lack of knowledge among IFAs in this area

and they are not confident about their technical capabilities. I

would say that it means they are being somewhat negligent to their


Wentworth Rose managing director Philip Rose says: “This is nonsense.

It is not the responsibility of IFAs to take into account the passing

of money and the question of inheritance. We have enough problems

doing our real jobs.”


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Owain Wright

Lives: Pluckley, Kent.Born: December 17, 1968Education: South Manchester High SchoolCareer: Began as a broker sales consultant at Eagle Star from 1998 to1992, the same position with Allied Dunbar 1992-1993, responsible formarketing, education and sales at PPP Lifetime Care 1993-1998,longterm care adviser for IFA Campbell Fisk & Partners 1998-2001,head of Care Funding Bureau 2001 to present.Career […]

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