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Scottish Mutual issues advice on dealing with angry IFAs

Scottish Mutual has issued broker consultants guides on how to deal with angry IFAs and policyholders following &#34mistakes&#34 leading to a run of poor protected fund performance.

The life office admits in the memos, obtained by Money Marketing, that it made &#34wrong&#34 investment decisions which has led to recent poor performance of its Controlled Risk and Safety Plus fund range.

It is now urgently seeking to restore IFA and policyholder confidence.

The memo gives advice on how to deal with complaints in a &#34constructive manner&#34.

It also includes a draft letter for IFAs to use when replying to policyholder complaints and concerns.

Its Managed 95 fund, available through pension contracts, was down 3 per cent during the first quarter of 1999 when the FTSE 100 returned over 12 per cent.

Scottish Mutual claims the funds should be judged over the long-term performance and not a short-term blip.


Solicitors set up network for independent advice

Financial services solicitors are to set up a network to provide financial advice in a direct challenge to IFAs.Backed by the Law Society, specialist tax and financial services law firm Armstrong Neal, in Birmingham, plans to create a network bringing together similar solicitor&#39s practices nationwide over the next six months under working title the &#34Freedom&#34 […]

Sun Bank to celebrate with a 10th anniversary bond

Sun Bank is celebrating its 10th anniversary with the launch of a limited edition fixed rate bond.The Sun Bank Tenth Anniversary Bond is fixed until December 1, 2000. It offers investors a fixed rate ranging from 5.5 per cent gross to 6.1 per cent gross depending on the size of investment.The minimum investment is £1,000 […]

IFA publishes tax guide

IFA, the David Aaron Partnership has produced a &#39Guide to Independent Taxation for Married Couples.&#39The guide details how married couples could utilise their tax allowances to minimise the burden of taxation.It illustrates how by redistributing capital and income throughout all a family&#39s members considerable savings can be made. This can maximise income tax personal allowances […]

Exclusive Connections discounts for three years

Mortgage packager Exclusive Connections has launched a three year discounted rate mortgage with no early redemption penalties.The loans which are funded by Leeds & Holbeck Building Society offers a 1.25 per cent discount plus a cashback of £250.The current payable rate including the discount is 5.54 per cent, for loans up to at 90 per […]


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