Further comments have come from Clerical Medical following yesterday's statement on with-profits pro...
Further comments have come from Clerical Medical following yesterday's statement on with-profits products.
Clerical said yesterday that its offerings were more transparent from those of "other providers".
Marketing manager Adrian Smith today says that he does not want to name those "other providers" but stands by the finger pointing, which he says is part of a new marketing push to make IFAs and consumers aware of what Clerical believes to be a significantly different attitude towards the with-profits market.
"Generically speaking there are three different types of with-profits funds: mutual, 90/10 and the Clerical Medical type, which could be described as a 100/0. This enables Clerical to be very clear on what it does, for example, consumers know what the management charges will be. There are no vague 'expenses' descriptions," he says.
"We are not arguing that one fund is better than others, but we are saying that given the way Clerical Medical does things, IFAs and consumers should be made aware of this."
Smith says that Clerical will be pushing its marketing message in the near future, with a speech due at an industry conference on Friday and other materials on the way, although there are no specific deadlines set for the release of the latter.
First mentioned in Cridland Report
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