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The risks of carry-forward loan

The pension transfer review still continues, which was shortly followed by the alleged misselling AVC/FSAVC review and the endowment review.

Many financial advisers have since been heard asking the question “What next?” Well, it seems there is unlikely to be a shortage of future material for the financial journalists and regulators. The latest scheme from a major bank and IFA

offering a loan to mop up unused relief before carry-forward ceases would appear

to be just another example.

One journalist wrote in the Financial Times that the downside with the scheme is the exposure to interest

rate risk. Now where did I hear that before? That&#39s it, I remember – home income plans in the 1980s before the Ship schemes, I think. It cost one building society dearly, I recall. Something about unexpected increases in interest rates.

Terry Still

Partner, Finmor




Virgin One appoints business partnerships head

Virgin One has appointed Anthony Richardson, 35, as head of business partnerships to lead a team of five business partnership managers working with IFAs. Richardson has 16 years of intermediary experience and was formerly national account manager at Abbey National. The appointment is in preparation for Virgin One&#39s launch into the intermediary market this summer. […]

Nationwide snubs multi-ties to stick with its own plans

Nationwide chief executive Brian Davis says the building society will never go multi-tied and sell other company&#39s pro-ducts through its branch network because there is no need to do so. In a clear snub to rival providers, Davis says that as Nationwide&#39s products are “trusted and up to standard”, there is no point having multi-ties […]

Nationwide in road safety initiative

Nationwide is to provide more than 5m UK primary schoolchildren with a reflective disc in a road safety scheme launched in conjunction with the Department of the Environment, Transport and the Regions.Use of the discs, which bear the Nationwide logo, was successfully piloted in Swindon last winter, and will be extended across the country when […]

IFA becomes youngest Sofa associate

Julia Banwell, 24, of IFA Old Mill Financial Services has become the youngest associate member of the Society of Financial Advisers. Banwell passed six advanced planning certificate exams to become one of only 520 associate members of Sofa. After achieving ASFA membership Banwell was promoted to technical consultant, from a technical support role, at Old […]


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