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ScotLife will close Talisman loophole>

Scottish Life is set to close a commission loophole on its Talisman personal pension plan which allows wily IFAs to take full commission and boost clients&#39 funds.

Last week, Money Marketing revealed how the loophole is caused by a combination of special offers on allocation rates and discount terms.

The offers mean IFAs can take full commission at 5.2 per cent on a single-premium contract without worrying about the consequences if clients surrender early.

Scottish Life loses out because it does not clawback commission on single-premium business.

But it is aiming to close the loophole. Marketing manager Alasdair Buchanan says: "Our actuaries are looking into changing the situation. Since it has been drawn to IFAs&#39 attention we have become a little more concerned and the process is likely to be accelerated."

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