Skandia has cut charges for Isa and Pep transfers to its investment platform in a bid to remain competitive in the sup-ermarket fight for assets.Skandia recently stopped offering re-registration for Isa and Pep transfers, saying it was unsustainably expensive but, as rivals Cofunds and FundsNetwork offer free re-registration to advisers, Skandia is aiming to make transfers to its platform more attractive. From February 21, Isa and Pep transfers will cost 3.5 per cent down from 4.5 per cent although if the adviser rebates commission, the cost drops to 0.5 per cent. Skandia’s margin on these transfers effectively drops by two-thirds from 150 basis points to 50. Re-registration is still available for investments held outside a tax wrapper to avoid IHT liabilities. Investment marketing manager Ian Thomas says although re-registration is free on Cofunds and FundsNetwork, some fund groups, such as M&G, do not offer this facility and a transfer offers the IFA a good opportunity to review client portfolios. Skandia offers free switching between funds but Cofunds and FundsNetwork charge up to 0.25 per cent. Thomas says Skandia char-ges 4.5 per cent initial on all new business, whereas rivals’ rates vary dependent on the individual fund group. Skandia is upgrading its website and will launch an online version of its CD-based Uselect risk-profiling and fund selection tool early in April. Thomas says: “There is a lot of hype around re-registration but it is not sustainable business and all fund groups support cash transfers and there are industry standards for processing it.”
UBS Global Asset Management is to offer a Ucits 3 fund to UK investors.
The FSA has banned Michael Harding from acting as an IFA for submitting false documentation relating to his firm’s pension review.
The Framlington equity income fund, managed by George Luckraft, is to soft-close from Friday 25th February 2005 by raising its initial charge to 5.25 per cent. The fund now holds 658m having grown from 157m at the end of 2003. Framlington says that there could be a risk to the funds performance should it continue […]
In my last article, I began to look at recent and imminent developments in the pension world. Over the next few weeks, I intend to discuss the implications for clients in all the areas undergoing change (see table below) and identify how knowledgeable financial advisers can add value to these clients.
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 well-written, well-executed strategic plan is key to enhancing the value of an advice firm
The Pensions Ombudsman and The Pensions Regulator have agreed to share information to increase their understanding of issues in the sector. The agreement follows the FCA and TPR announcing in February they will work together on a strategy to tackle risks in the pensions sector over the next five to 10 years. The agreement announced […]
Platform Alliance Trust Savings continues to be affected by staff departures as three senior executives are understood to have left the business. Money Marketing understands commercial director Ed Carey and customer services director Gordon Murray have recently resigned from their posts. According to LinkedIn, Carey joined ATS in 2016 as sales director before taking on the commercial […]