UK market feels the strain
The UK retail market is experiencing a prolonged slump in sales. Current conditions prevent the launch of the high-income products favoured by IFAs, and market leader Bristol & West has pulled out of the intermediaries business. Now other distributors, such as Nvesta, say they too are struggling. By Amanda Lee, with additional reporting by Paul Lyon
"A long time ago I said structured products were useless," says Peter McGahan, managing director of Berkshire-based Worldwide Financial Planning, an independent financial adviser (IFA) in the UK. "It's good that these products are no longer being touted and it's very good that a leader in the market is pulling out."
That market leader is Bristol & West, part of the Bank of Ireland Group, which decided to call it a day last month after five years of distributing its growth deposits to IFAs
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