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Surrendering policies makes no sense, says Neville James

With-profit endowment policyholders surrendering their policy after five years or more are losing out by up to 30 per cent, according to figures from Neville James.

This month Neville James paid £8,550 for a Clerical Medical policy with a surrender value of £6,245, a mark up of 37 per cent. It also paid £20,000 for a Royal Life policy with a surrender value of £16,839, a mark up of 19 per cent.

Neville James marketing manager Annie Lee says: “Because of the way with-profits are structured, the underlying value of the policy is nearly always higher than the surrender value.”


Hodge Bank rebrands its equity-release operations

Julian Hodge Bank is rebranding its equity-release operations as Hodge Equity Release. The new operation will be responsible for marketing all the bank&#39s equity release and home-income plan products through IFAs. The bank is also changing the name of home-income plan division Carlyle Life to Hodge Life. To mark the rebranding, HER is offering two […]

West Bromwich Building Society appoints new director

West Bromwich Building Society is appointing Roger Smith as business development director.Smith comes from internet business Xelector, where he was a founder director. West Bromwich chief executive Andrew Messenger says: “Roger will bring fresh thinking to our business and I&#39m sure we will find his enthusiasm infectious.”

Lenders face difficult task in policing disclosure, warns Mortgage Brain

Mortgage lenders will find it impossible to police pre-sale disclosure by intermediaries using different quotation systems under forthcoming FSA regulations, according to electronic platform provider Mortgage Brain. The warning came at last week&#39s Property Business Show at Olympia in London, where Mortgage Brain director Mike Green said the new FSA rules would result in lenders […]

Pru cuts terminal bonus rates

Prudential has cut terminal bonus rates on its Prudence Bond and personal pensions. Terminal rates for both are down 0.25 per cent to 4.5 per cent and 5 per cent respectively. A total of £2.8bn will be added to policies in the UK with-profits funds. On a 20 year personal pension policy the payout will […]

Solving the income puzzle

There is a puzzle at the centre of financial markets. The global economy is growing, there are signs of inflation and interest rates are going up, yet yields remain low. In this article, James Foster, manager of the Artemis Monthly Distribution fund, unpicks this conundrum and looks at where investors can find income. There is […]


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