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Standard platform glitch halted income

Standard Life has rectified an error on its FundZone platform which was preventing income being paid into a number of client accounts.

The firm carried out a diagnostic check of the platform after a number of IFA complaints and says it found and amended an admin error that prevented 5 per cent of all clients on FundZone receiving income.

Head of communications Mark Polson says: “We are aware of this problem and have corrected it and are now looking back to ensure that all clients are no worse off as a result. Most of these problems have been small income queries and we are keeping the FSA up to speed with the situation.”

Standard Life says it will pay outstanding interest above the current base rate.

A spokesman for the IFA Defence Union says that Standard should be paying closer attention to admin problems as many elderly investors depend on receiving this income.

He says: “Standard needs to recognise the importance of this money to clients and it needs to make customers and IFAs aware of any problems straight away.”


Nationwide slices rates on fixed deals

Nationwide is cutting some of its fixed-rate loans by up to 0.3 per cent from May 16, including two-year fixed, two-year fixed without fee and two-year remortgage.

Daydream believers

Last week, I looked at the new day counting provisions for determining the matter of UK residence. A number of cases have been heard on this issue recently. The most well publicised has probably been the Gaines-Cooper case but there have also been a couple concerning airline pilots. One was Grace v HMRC and the other was the Shepherd case.

Dodging torpedoes

Investment flows are undoubtedly polarised at the moment. Some investors are seeking high potential returns through emerging markets, specialist funds and singlecountry funds such as India and Russia. Others are seeking the safe haven of cash or more recently bonds. The latter, as I have mentioned before, look good value.


Employer iPMI responsibilities could continue to escalate, says Jelf

New laws in Dubai will put the burden of providing international private medical insurance (iPMI) firmly on the shoulders of the employer in order to maintain the country’s leading healthcare facilities. With 10,000 UK nationals having moved to the country since 2007 and only 16.5 per cent of the total 8.2 million people living there being Emiratis, Jelf Employee Benefits believes this move was inevitable and employer responsibilities could continue to escalate in future.


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