View more on these topics

Standard won’t pay blunder bill

Standard Life has refused to compensate advisers for extra work as a result of the firm’s pension sterling fund revaluation.

IFA Thameside billed Standard Life for £3,812.50 in March for additional work following the surprise fund revaluation, which wiped 5 per cent off its value.

Director Tom Kean says contacting clients and researching alternatives amounted to aro- und 25 hours’ work but Standard refused to pay and denied “negligence”. Standard admits that a further 19 advisers were refused compensation.

Kean says: “Standard Life does warrant a certain amount of swagger but in this case its arrogance is breath-taking. The work was a direct result of Standard’s muck-ups and they need to cough up.”

A Standard spokesman says: “We appreciate advisers will have dealt with questions from clients. However, as the fund does not come with a guarantee that the unit price cannot fall, we believe it is reasonable to regard questions on performance as being similar to other performance-related queries that, from time to time, advisers will deal with.”


Openwork deal for Network Data reps

Network Data chief executive Alex Cotton and head of sales David Blackmore are recruiting appointed representatives to Openwork through their new company, First Affinity.

Kearney and Duce to join Aberdeen in multi-manager deal

Aberdeen Asset Management is to acquire further assets from Credit Suisse in the form of its multi-manager business. Aidan Kearney and Graham Duce, co-heads, and the rest of the multi-manager team will move across with the range and be re-branded as Aberdeen, like the rest of the funds business, which was purchased in December. The […]

Tax-free gains? That can’t be right, can it?

When he was Chancellor of the Exchequer, George Osborne made several changes to the way in which income is taxed. Personal allowances were increased significantly above the rate of inflation; a starting rate band was introduced for savings income and, with effect from 6 April 2015, this was assessed at 0 per cent. In addition, […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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