View more on these topics

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

clients.”

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.”

Recommended

FSA rejects Autif claims over past performance

The FSA has dismissed Autif&#39s latest research on past performancedata, claiming it brings nothing new to the debate.In a letter to the trade body last week, FSA director of the riskassessment division Dan Waters said he was “unconvinced” by Autif&#39scriticisms of previous FSA research and felt its report included no“new information about the relevance of […]

Raising the roof on martgages

Mortgage loan to values are on the way up, with some lenders offering advances of 100 per cent or more of the property value. Some companies are targeting specific markets, such as first-time buyers, while others are offering them across the whole spectrum. Pink Home Loans is currently offering an exclusive fixed rate in conjunction […]

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 […]

Myners heading for the Big Apple

Former Gartmore chairman Paul Myners has been elected to the boardsof the Bank of New York Company and its subsidiary the Bank of NewYork with effect from March.Myners left Gartmore in November after 16 years with the firm, inwhich time he oversaw the firm&#39s sale by parent NatWest to US lifeinsurer Nationwide.However, Myners is probably […]

Europe: Volatile share prices create opportunities for long-term investors

Mark Page and Laurent Millet, managers of the Artemis European Opportunities Fund, look at why, how and where fluctuations in European markets can generate opportunities for their fund. When asked what the stock market would do next, John Pierpont Morgan is reported to have replied that “it will fluctuate”. His (apocryphal) answer proved accurate. Over […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment