Scottish Life can no longer say that it deals only with IFAs after finding out that it has unknowingly been on an adviser’s multi-tie panel for over a year.It has been forced to change its marketing strategy and will now say it actively seeks business through IFAs. The unnamed adviser firm had previously written individual pension business with Scot Life and put the comp- any on its multi-tie panel as a personal pension provider without its knowledge. ScotLife says there was no tender process or comm- ission uplift agreement but has confirmed it will not cancel the agencies of the multi-tie advisers. Head of corporate business Mark Polson says: “The IFA was writing business with us and chose us when they set up their multi-tie. We did not go through any selec- tion process. We have never sought to be put on any multi-tie panels. This means we are no longer able to say we only work with IFAs because it is no longer true.” FSA spokeswoman Sam Bennett says: “Multi-ties have to explain why they have chosen the firms. From a business relationship point of view, they should make it clear to the provider but they do not have to as far as we are concerned.”
For more years than I care to remember, I have been selling glow sticks at a local fireworks display in aid of my Round Table’s current charity.
Labour MP Frank Field has laid down an early-day motion attacking HBOS for its “pivotal” role in the collapse of Christmas savings firm Farepak. He says HBOS allowed Farepak to continue trading while it clawed back around £1m a week of people’s savings to offset the company’s overdraft with the bank.
This week by freelance personal finance journalist Kirstie RedfordWhen someone asks what you do for a living and you reply freelance journalist, the pitch of the person asking you nearly always takes an excited turn as they gush: “Ooh, who do you write for, anyone interesting?” It is at this point that I almost always […]
Co-operative Insurance Society has signed up to the EMX Message System.The system now has 204 distributors and 61 fund managers trading through the EMX message system, which claims to be the standard for straight through processing in the funds industry.Last month it routed over 1.3m messages.EMXCo head of sales and marketing Tony Wood says: “We […]
In this short video, Peter Rutter, head of global equities at Royal London Asset Management, explains how he uses the company life cycle framework as part of his investment approach. Watch the video in full The value of investments and the income from them is not guaranteed and may go down as well as up […]
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A long‑term strategy for the asset management industry will be published by the Government, it was announced in today’s Budget. The Investment Management Strategy 2 will ensure the industry “continues to thrive and deliver the best possible outcomes for investors and the UK economy,” the Autumn Budget policy paper says. The Government will work closely […]
The state of the UK economy with Brexit looming In 2017, growth is expected to come in at 1.5 per cent, falling to 1.4 per cent in 2018 Through 2019 and 2020, growth is set to fall again to 1.3 per cent, before picking up to 1.5 per cent in 2021 and then to 1.6 […]
Chancellor Philip Hammond has scrapped stamp duty for first-time buyers on properties worth up to £300,000. Speculation was rife in the media in the run up to the announcement that the tax would be scrapped altogether for FTBs to make home ownership more affordable for young people in the UK. The Chancellor has said that […]