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Standard consultants push final opportunity

IFAs are attacking Standard Life broker consultants for going all out to push its high up-front commission-paying pension plans before switching to stakeholder-style products.

A sales aid, leaked to Money Marketing, has been sent to IFAs under the headline: “Do not miss this opportunity!!!”

It highlights how IFAs can still earn full initial Lautro and renewal commission with no clawback on older-style sch emes despite Standard offering an alternative stakeholder-friendly scheme.

The document claims: “This is a fantastic opportunity for you…and your clients.” It also encourages pension transfer as a way to earn more money.

Standard was recently slammed by rivals for encouraging IFAs to sell high-commission products. It denied at the time it was having an effective closing-down sale.

The company says this is not a sanctioned communication and is purely local act ivity. It says the contents are out of line with its stance.

But IFAs and life offices are aware Standard has been using these tactics. Torquil Clark pensions development manager Tom McPhail says: “Standard Life is clearly giving IFAs an incentive to sell business now and take up-front commission. The individual gets stakeholder terms and the IFA gets commission so they both win. But it is with-profits policyholders who pay.”

Standard Life assistant general manager (marketing) Colin Ledlie says: “We do not agree with our products being pushed in this way. It is not in line with the company&#39s stance. We have got attractive terms at the moment for the end-customer as we manage the transition into stakeholder.”


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