Investec to close its teps operations

A joint statement by the two firms - which are owned by Investec - reveals having reviewed future market potential, both companies will cease purchase of Teps. "In time, both Policy Portfolio and Beale Dobie will withdraw from the market and will no longer trade as TEP market makers," says the statement."The two companies will continue to sell policies to their current clients, and both companies will continue to administer TEP funds." According to a spokeswoman for the firms, Investec has decided it no longer sees the two operations - particularly given the current negative consumer view...