Virgin Money, Openwork, Old Mutual Wealth, Hargreaves Landown, LV in Investments
- Virgin Money is planning to overhaul its controversial £2.7bn tracker fund, which charges investors 17 times the fees of comparable alternatives. An announcement on the changes will be made after the recently announced joint venture with Aberdeen Standard Investments is completed later this year
- Openwork has extended its relationship with Newcastle Financial Advisers for a further five years
- Old Mutual Wealth has become the second provider to shelve its transfer value analysis service (TVAS), as it reviews the detail of the FCA’s new rules on the matter, published on 26 March 2018 Standard Life Aberdeen has also withdrawn its TVAS tool
- Hargreaves Lansdown has launched a single fund investment proposition aimed at first-time investors. Simply Invest will initially only offer the Legal and General UK Index fund, which tracks the performance of the FTSE All Share, but investors can invest in other funds when they feel more confident. The L&G fund is discounted to 0.04%, from its headline 0.1% charge. Hargreaves charges a maximum platform fee of 0.45%.
- LV and Prudential have both stopped offering free transfer value analysis services (TVAS) for advisers after the FCA pointed to possible inducement risks in the way these were set up. Old Mutual Wealth and Standard Life took the same step last week. LV= has suspended the offering while it works out how it can continue to support advisers in this area, while Prudential has withdrawn the service entirely
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