View more on these topics

Standard is slammed for contacting adviser clients

Standard Life has come under fire from advisers who feel they are being undermined because the firm is sending their clients information on with-profits directly.

But Standard is defending its position, saying it told advisers last December that it would be sending a letter of declaration and two new brochures to clients about the benefits of remaining in a with-profits policy.

The firm says following research last year, it found that consumers largely lacked the knowledge to decide whether to switch out of or retain their with-profits policies. Standard says that in the spirit of treating customers fairly and in a bid to stamp out unnecessary churning, it wanted to give clients better information.

It says many clients were unaware that they would be giving up a 4 per cent guarantee by transferring out.

However, advisers say they are being bypassed, with Standard contacting their clients directly, which they say undermines their position.

Standard spokesman Peter Timberlake says: “We wrote to all advisers telling them this is what the process would be and we also spoke to Aifa who praised the material and it informed all its members. They cannot say they were not aware.”

Recommended

Big firms maintain Sipp stranglehold

Specialist Sipp administrators and insurance companies will continue to battle it out for the majority of self-invested personal pension business, according to research from Defaqto.It shows that specialist Sipp administrators and trustee companies hold 47 per cent of the market while insurance companies hold 24 per cent.IFAs, investment managers and stockbrokers trail behind with 8, […]

GMAC-RFC offers rate/ redemption swap deal on adverse loan

GMAC-RFC has set up an adverse product that it claims offers the UK’s first-ever rate/ redemption swap.The deal, called Merc, is at base rate minus 0.01 per cent until September 2010, which then rises to base rate plus 1.99 per cent, with a £2,995 arrangement fee. But if the base rate increases, the 3 per […]

Never mind Santander…

Never mind Santander sponsoring the British GP, Paradigm chief executive Paul Hogarth should be fancying himself as the next Lewis Hamilton as he and team mate Darren Knutton won the 2007 Britcar Championship at Silverstone a couple of weekends ago. The pair, in their Paradigm-sponsored In2 Racing Porsche 997GT3, braved the tricky conditions for two […]

Bupa confirms it may sell off hospitals

Bupa has confirmed it is in preliminary discussions with potential bidders to sell off its hospitals.The Board released a statement following speculation over the weekend confirming that it is undertaking a review to establish whether it would be more beneficial to the company to sell off its 26 hospitals.The statement from Bupa says: “Bupa is […]

Life begins at…

By Fiona Holmes, proposition communications manager Having reached a certain age (it’s the new 40 by the way), I’m having to come to terms with the fact that my peers and I aren’t as immune from illness or death as we’d like to think. That’s the problem with 30 being the new 20 and 40 […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com