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Will Prudential’s move to establish an independent committee to oversee its with-profits fund restore confidence in the product?

“Yes. I think it is mainly down to the advisers to counteract some of the bad publicity surrounding products like with-profits and pensions but I think it is a good move for a big company to be seen to be trying to rebuild confidence.”

Michael Moore,Michael Moore Life & Pensions”No. We certainly need more transparency and I am sure others will follow suit but I think with-profits funds are dead. It will take a lot more to restore confidence.”

Darren Chell,Acorn Financial PlannersNo, we have with-profits under review but are not actively selling it. Years ago, it would have been a core holding but now we use distribution and managed funds.”

Daniel Wackett,Altorfer Financial Management”No, it is an unproven new idea. People want to know what it is all about. Just because it is overseen by a committee does not mean anything.What will that do?Naven Naik,Bankfield Financial Advisers”Yes, but it will depend on the clarity and openness of how they structure the product. If there is a genuine clarity and openness then I believe confidence can be restored.”

Pravin Bhatt,Bhatt & Associates”No. People will not trust with-profits funds because of bad experiences.”

Tim Watkins,Tim Watkins Financial Services”No. The only thing that will restore confidence in with-profits is if they deliver the returns customers were promised.”

Gary Jones,JCH Financial Advisersno 74%Yes 26%


Squeezing out the small specialists

I wish Jim Reeve well in his new post in the depolarised Barclays but I take issue with his Commentary article. Barclays now re-enters this market in the wake of the Bradford and Bingley fiasco, insisting that volume overrides will finance added-value service and fair treatment for customers. A bold statement from a big bank. […]

Tribunal says L&G mis-sold

A tribunal has ruled that Legal & General had defective sales processes that led to mis-selling.But the Financial Services and Markets Tribunal also ruled that the FSA was not correct in some of its procedures in giving L&G a 1.1m fine for mortgage endowment mis-selling.The level of any penalty will be set at a later […]


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