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Turn-round as IFAs back move to rethink status

IFAs have overwhelmingly backed Standard Life&#39s decision to consider demutualisation despite having championed its policyholders&#39 rejection of a carpetbagging attempt three years ago.

Seventy-three per cent of respondents in a poll of 117 Positive Solutions RIs say they endorse the move, a massive reversal from early 2000 when 89 per cent of IFAs supported policyholders who voted for Standard&#39s mutuality.

The majority of Assureweb users have also thrown their weight behind Standard&#39s latest decision, with 68 per cent of the 75 RIs questioned saying they back the life office.

There are discrepancies between the polls about Standard&#39s £30bn with-profits fund, however. Fifty-six per cent of Positive Solutions RIs say they will not transfer clients from the fund (44 per cent say they might) while only 48 per cent of Assureweb RIs agree. The same number – 48 per cent — admit they will consider shifting clients while the remaining 4 per cent say they have yet to decide.

Both polls reveal that IFAs are unlikely to shun Standard as a company, with 85 per cent of Positive Solutions RIs and 68 per cent of Assureweb RIs saying they will consider placing new business with the life office.

Positive Solutions says IFAs&#39 about-face on demutualisation shows the impact of tough new accountancy and solvency rules.


Standard stand-off leads to mutual review

Standard Life is taking the first step down the road to demutualisation after six weeks of bruising negotiations with the FSA over its financial strength, with a recommendation of whe-ther it should float expected by the summer. In a shock move which sees Standard chief executive Iain Lumsden stepping down to make way for Standard […]

Axa launches capital protected FTSE bond

Axa is launching a capital protected bond offering 77 per cent of the growth in the FTSE 100 index while guaranteeing the return of initial capital. The bond does not allow any withdrawals during its five and a half year term and is available from February 9, with a 0.4 per cent extra allocation in […]

15th deal for Destini as it buys up Radnor

IFA group Destini has made the fifteenth acquisition since its launch 13 months ago with the purchase of Swindon IFA the Radnor Group. The deal, for a mixture of cash and shares, adds the nine-RI business to Destini&#39s growing portfolio of IFA firms which includes Fiona Price & Partners and former Sesame IFA Applewood Associates. […]

Outside edge

You are an IFA. You have done nothing wrong. As you sit having a coffee and reading that morning&#39s post, into your office walk a man and a woman. They say they are from the FSA, that they are here to demand files and that if you don&#39t agree to their request they will withdraw […]

Managing customers in drawdown

By Lorna Blyth, Investment Marketing Manager Delivering a decent drawdown review process takes time and resources. This article looks at how you can manage drawdown clients in a more cost-effective way. Most advisers are seeing an increase in drawdown clients following pension freedoms. Often these are clients with lower fund sizes, which means advisers are […]


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