View more on these topics

&#39Business as usual for discount brokers&#39

Discount brokers say it will be business as usual in the post-polarisation era despite the FSA&#39s proposals to ban IFAs from using direct-offer financial promotions.

Hargreaves Lansdown head of research Mark Dampier says under the new rules, discount brokers will simply need to change their status to “distributor”, form ties with every provider and carry on as before.

HCF Partnership partner Richard Craven says the only effect on his firm will be the need to print new stationery, eliminating the word independent from the company logo.

He says: “I don&#39t think it will effect us. It will just add a whole slice of confusion for the public. We will have to drop the name independent but that is about it. &#39Independent&#39 has bec-ome the most expensive word in the history of finance.”

Recommended

Editorial: Put yourself and consumers first

The FSA&#39s spin-doctored announcement on the axing of polarisation has as its heading: “Consumers put first in proposed reform of financial advice”.This is simply not true. A more accurate heading would be “Consumers put last as overwhelming demand for IFAs ignored”.The lunatics have taken over the asylum but most IFAs realised that long ago.The changes […]

CA attacks FSA plan

The Consumers&#39 Association has issued a hard hitting attack on the FSA&#39s proposals for playing into the hands of big providers and issued a strident defence of independent financial advice.The defence is being led by director general Sheila McKechnie. The CA believes a move against polarisation could deny access to independent advice to the vast […]

Sandler: My task is to blend reviews

Ron Sandler has welcomed the FSA&#39s plans for polarisation, calling it an inevitable step forward but conceding that IFAs may be concerned about the prospects for change.In a speech at an ABI Conference in London this week entitled, The Savings Gap and the Sandler Review, he said IFAs will have serious questions to ask themselves […]

FSA to introduce buyers guide

The FSA is set to publish a &#39buyers guide&#39 to help consumers choose the right financial adviser once polarisation has been abolished.In its consultation paper, &#39Reforming Polarisation: Making the market work for consumers&#39, the regulator says the guide will aim to ensure that consumers are &#39better informed and more confident to choose an adviser right […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com