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Skandia warns that full wrap launch will fail

Companies trying to launch straight to the market with a full wrap proposition will fail, says Skandia UK chief executive Brett Williams.

He told the conference that the firm’s decision to create a fund supermarket offering out of the merged platforms of Skandia Multifunds and Selestia businesses rather than a wrap reflected the fact that the UK market is not yet ready for a full wrap.

He said: “To have rich functionality in a fund supermarket is far better than to have a wrap that might not work.”

But Nucleus chief executive David Ferguson says: “That is nonsense. Some IFA are not ready for wrap but those are the people who are probably still happily flogging with-profits. It is all about how the UK life industry treats the IFAs.”

Williams said: “What we need is a waterfront solution. The market works at different speeds and at different levels. There will not be one solution that fits all needs. If you to do everything at the start, then you will fail.”


Thinking caps

It was great to see BM Solutions launch a capped range of buy-to-let rates. To the best of my knowledge, it is the first major lender to offer this range of products for landlords.

NU cuts protection rates

Norwich Union has announced protection price cuts across its mortgage, life insurance and term assurance range.Almost 90 per cent of NU’s MLI premiums can now be found amongst the top three providers, compared to 59 per cent before the re-price.Consumers taking out MLI and term assurance policies lasting longer than the traditional 25 year term […]

Thompson set to leave Resolution

Resolution Asset Management UK property fund manager Sandy Thompson has quit the firm.Thompson has worked for the company since September 2005 and took over the £660.4m fund from property team head John Wilson in July 2006.He will leave the company on August 1, with Wilson set to revert back to his role as manager of […]


Neptune video: UK economy: a sustainable recovery?

After years of a slowly brewing economic recovery, the UK has seen a strong rise in growth in recent months. Mark Martin, manager of the Neptune UK Mid Cap Fund, discusses the strength of this recovery and whether it is sustainable.

In the video, Martin addresses the following:

• Structural features supporting the UK economy
• UK mid-caps and the potential for M&A activity
• Valuations and opportunities in house builders


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