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Towry&#39s &#39dowry&#39 In bid to boost RIs

Towry Law is embarking upon a drive to recruit 800 IFAs within the next four years, boosting its ranks to 1,000 RIs.

Chief executive Douglas Black also claims he believes the £30m bailout by the ICS after the £48m Advizas&#39 pension misselling represents a good deal for the industry and could have saved it £20m by preventing the firm going into liquidation.

Towry has 200 RIs but aims for 1,000 within three to four years on the back of the support and long-term benefit package the AMP-owned firm says it can offer advisers.

Black says he expects many IFAs will find it attractive to join a national which offers a renewal buyback scheme to allow IFAs to have a share in the business.

But Towry may find its efforts frustrated following the ICS controversy when many IFAs threatened to withhold their scheme payments in protest at apparently having to save their troubled rival.

Black says: “We could have let Advizas go into liquidation and it would have cost the ind-ustry £50m.”

An IFA says: “While Towry is confident it can attract the IFA community, at the moment,I do not think many will be rushing forward to join them.”

Profile, p29


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Wednesday, 15 August 2001.Type: Guaranteed Income Bond.Minimum-maximum investment: Lump sum £10,000-£1m.Term: Six years and two months.Return: 6 per cent income in first year, thereafter income is linked to the dividends paid by the FTSE 100.Guarantee: 100 per cent capital return.Commission: Initial 3 per cent.Tel: 01727 734315.

Manchester Building Society – Flexible Tracker Scheme 1

Monday, 13 August 2001.Type: Flexible tracker mortgage.Tracker term: 5 years.Tracker rate: Bank of England base rate plus 0.7 per cent.Minimum loan: £80,000.Maximum loan: Up to 80 per cent of valuation subject to a maximum of £500,000.Income multiples: Three times principal income plus second or 2.5 times joint.Features: Overpayments, payment holidays, lump sum withdrawals, interest calculated […]

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National Australia Bank appoints former Scot Am chief exec

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Looking back at 2015

By Fiona Tait, Pensions Specialist 2015 was quite a year for pensions. Change, more change, and proposed changes to the changes. The Spring Budget – pre-election plans With everything that has happened since, it is hard to remember what happened in March. Following on from the bombshell of the 2014 Budget, the Chancellor confined himself […]


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