S&P reinstates rating on AXA North product
Standard and Poor’s (S&P) has reinstated its “very strong” rating on AXA’s North Personal Superannuation, Pension and Investments Plans product.
S&P placed the product on hold in February after AXA Asia Pacific announced an increase in annual fees for the product’s protected growth guarantee.
S&P found that the increases would have little effect on the product’s performance, according to Rodney Lay, an S&P fund services analyst.
However, Lay warned that more significant increases may affect the value of the selected term and investment strategy in the eyes of investors.
AXA increased its fees on the protected growth guarantee after the fall in interest rates led to increased costs in providing the guarantee.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
