Scottish Widows is questioning the motives of Killik & Co after the stockbroker swit-ched its group pension scheme to a third provider in just two and a half years. Killik will earn commission from Friends Provident as it is acting as its own broker and was also previously paid commission by Widows.Killik marketing director Philip Browne says the switch reduces its group scheme’s amc from 1 to 0.9 per cent and provides its employees with a greater fund choice. He says the FSA is not investigating the switch. He would not be drawn on the provider switch coinciding with the expiry of the typical provider group scheme commission clawback period of 30 months. Browne says: “That is one perspective that you could take but any company wants to provide better terms for its staff.” A Scottish Widows spokes-man says: “We can confirm that we have written to Kil- lik group scheme members to give our opinion of the change of providers.”
Coventry Building Society
Five Year Flexx Fixed
The Money Portal is expected to announce a new chief executive next week after former CEO Tony Morris was forced to resign last week by the Department of Trade and Industry. Morris resigned in advance of a court case brought by the DTI concerning his role as director of 11 firms, seven of which have […]
Investec has appointed Mark Wynne-Jones from UBS Wealth Management to join its UK contrarian team, reporting to Alastair Mundy. Wynne-Jones was director of wealth management research at UBS and was previously a fund manager at Cavendish Asset Management.
This week Gail Moss, freelance personal finance journalist
At the end of July, the Pensions Regulator issued its quarterly update on auto-enrolment (AE) compliance by employers in the UK. The full report can be seen under the quarterly bulletins section here.
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