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Too many funds on supermarts

Up to 70 per cent of funds offered on fund supermarkets are never bought by private investors, according to Egg.

It believes the majority of funds on many direct supermarkets are superfluous to investors&#39 requirements and are ignored in favour of the most straightforward products.

Egg claims exhaustive lists of unit trust and Oeics are a waste of time as they are not understood by many investors.

The only instances in which Egg believes such ranges of funds are necessary are on supermarkets for intermediaries using an online platform. Egg claims industry experts who insist supermarkets cover the whole spectrum fail to recognise this distinction.

To offer a true choice to investors, Egg says direct supermarkets should start to offer an alternative rather than a reflection of the current market. It believes this would provide investors with the opportunity to diversify portfolios and reduce the level of volatility of their investments.

Egg head of investment products Rob Hudson says: “There will always be an interest in the universe of funds from a very small minority but the mass investing public complain of too much choice, conflicting information and a lack of product innovation to help pick a fund each Isa season.”


Pension reform coming this summer says consultancy

Employee benefit consultants Buck Consultants says the Budget’s lack of action to address the savings gap is a sign real reform in pensions is on its way this summer. The consultancy is encouraged to find the Government held off from further tinkering in the Budget ahead of the forthcoming reviews by Pickering, Sandler and the […]

More thinking about private healthcare provision – survey

Almost 70 per cent of people think they need to take more responsibility for their and their family&#39s healthcare provision according to research from cash plan provider Health Sure.The provider says in the wake of last week&#39s budget, people are thinking more about what they should do in terms of private provision, and one direction […]

Mushens to leave M&G

M&G director of sales and marketing opportunities Jeffrey Mushens has left the company after 15 years to explore new horizons. Mushens, who intends to take the next few months off, will not be replaced by M&G. As a result UK retail chief executive Gary Shaughnessy assumes responsibility for governmental and regulatory issues, while managing director […]

Row over Hamilton&#39s Pru bond deal

Hamilton Life and Prudential have come under fire over an agreement in which IFA clients with maturing investment bonds are being offered Pru bonds instead of being referred back to their adviser.IFAs are angry that, as their clients&#39 bonds mature, Hamilton Life is not referring them back to adviser but is writing to bondholders enclosing […]

How to use wills to protect your clients’ wishes

March was Free Wills Month! Free Wills Month brings together a group of well-respected charities to offer members of the public aged 55 and over the opportunity to have their simple wills written or updated free of charge by using participating solicitors in selected locations around England and Wales. Research by the Law Society* highlighted that only 64 […]


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