View more on these topics

&#39Consultation&#39 was a waste of time

Graham Turner rebuked IFAs on April 12 for poor consultation responses except through Aifa. Surely Aifa exists to present 5,000 views to the FSA?

The FSA does not consult with the 50 per cent of IFAs who are network members and presumably counts network responses as individual company responses.

Consultation paper 80 was a rubber-stamping exercise and not consultation in the true sense. The Government is fond of quoting survey results but did not survey IFA views since it knows IFAs are overwhelmingly in favour of polarisation.

Why waste valuable time protesting when this Government has already decided to promote stakeholder through as many outlets as possible before “consulting” and has enabled those selling stakeholder to claim a form of pseudo-independence when they have freely chosen not to become IFAs because of cost or compliance?

If the Government was really concerned about lack of competition and banks were really concerned about choice for consumers, why not create one distribution outlet, namely IFAs, to the exclusion of any other method? The banks have merely offered another enticement to discourage individuals from obtaining a full choice of products or proper advice.

How are banks to justify their choice of a stakeholder or its suitability to the regulators if they offer more than one provider or are the compliance rules to which all IFAs offering choice have been subjected also to be watered down?

F Dennis

Walsall

Recommended

Tories say a shift to multi-tied regime will help IFAs

The Conservatives say their decision to allow multi-ties will not weaken polarisation but simply recognise that some IFAs are already operating on a multi-tied basis.Conservative Shadow economic secretary Howard Flight, in a letter to Money Marketing, says the Tories are not setting up a new class of adviser.Overall, they believe the regulatory burden should be […]

FSA could make WP fund disclosure compulsory

The FSA is believed to be looking at making disclosure of underlying with-profits fund performance compulsory for life offices as part of the with-profits review.Industry sources say that the FSA is going to crack down on life offices which do not reveal details of underlying fund performance and bonus returns to customers.The news follows the […]

Mayday alert

Financial institutions in London are bracing themselves for thousands of anti-capitalist demonstrators pouring in to the city on May 1, bent on violent confrontation.Police warn that Oxford Street could be the focal point of criminal activities but the City is also likely to come under attack. Some of the companies targeted include Barclays, HSBC, KPMG, […]

F&C Ventures bought out by management

Foreign & Colonial&#39s private equity arm F&C Ventures has been bought by its management for an undisclosed fee.The operation, which has funds under management of about £500m, will be renamed Graphite Capital.The buyout follows Hypover- einsbank&#39s sale of its 90 per cent stake in Foreign & Colonial earlier this year.The firm manages six funds, of […]

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