Chase de Vere accuses advisers of churning bonds for extra commission

He says Budget tax changes are “inadequate justification to switch out of insurance bonds” and many people who are encouraged to move could be worse off after taking tax and charges into account. Coyte says: “Investors being told to switch out of insurance bonds on the sole justification of the Budget tax changes are being duped. It could take up to nine years for a basic rate taxpayer using a bond to provide income to recoup the additional charges incurred by switching to a slightly more tax efficient collective with the same underlying asset allocation. “It’s not quite as bad for thos...