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Who are they kidding?

Once I stopped spluttering I could only quote Victor Meldrew – I don’t believe it.

Here we have one of the most maladroit life companies, evidently suffering a lack of business as a result of their abysmal service and administration, asking their poor overworked and demoralised consul-tants to ring IFAs to tell them that commission (we work on fees anyway) is to be reduced for those who do not place enough business with them.

Is this is within the spirit of regulation? It is merely another slant on induce-ments to do business.

Who are they kidding? If ever there was any doubt, this really proves that their management (I use the term loosely) is completely inept. This will merely ensure that they now get no business whereas before they got a little. Nobody likes to deal with a firm that likes to flaunt its stupidity or attempt to blackmail to win business.

In my view, this only reinforces the poor reputation of financial services. Anyone would think that they had a unique proposition and had no competition.

The poor consultant then tried to promote their new “wrap” Again, who are they kidding? Compare their offer to Skandia’s, for example. NU are in the stone age. If I want, for example, to value a client investment from 1996 – with Skandia, no problem, With NU, you must be joking.

Don’t take my word. Just look at Aviva’s share price – a 23 per cent drop from December 1998 to December 2005. I would not bet on their long-term future in the UK.

Harry KatzNorwest ConsultantsStanmore, Middlesex


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