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&#39Multi-ties will not benefit consumer&#39

Only IFAs who are “gliding toward retirement” will opt to go multi-tied as they look for a comfortable last few years of their working lives, says Tenet director Geoffrey Clarkson.

Participating in a panel discussion on the likely impact of depolarisation on the IFA market, Clarkson played down the impact of multi-ties and claimed that most IFAs will choose to remain independent.

He said while Tenet will offer members the choice to go multi-tied, it will strongly urge them to continue as IFAs.

Towry Law director of strategy Charles Levett-Scrivener claimed many banks will go multi-tied, not because they think it is in customers&#39 best interests but because it will be commercially attractive.

True Financial Planning managing director John Baxter said multi-tied firms will only be attractive to the “younger, poorer” end of the market while “older, wealthier” investors will still seek out independent advice.

Clarkson said: “I do not think the multi-tie option will benefit consumers, it will only benefit the product provider who wants to control distribution. There will be some spurious multi-ties which may look absolutely brilliant until you start reading the small print.”

Baxter said: “I think the multi-tie will dominate the mass market. It will be advisers who buy into the &#39pile them high and sell them fast&#39 mentality which decide to become multi-tied.”


B&W backs home plan for Muslims

The Arab Banking Corporation and Bristol & West have joined forces to launch an Islamic home finance product. Tailored to the needs of the Muslim community in the UK, the product will be marketed by ABC under an Islamic brand name, alburaq. Financing and full back-office support services will be provided by B&W. The agreement […]

IFAs at loggerheads on fees

Two leading IFAs clashed over whether consumers are willing to pay fees for financial advice at last week&#39s Money Marketing Live. True Financial Planning managing director John Baxter, whose umbrella organisation advocates fee-based advice, and Berkeley Independent Advisers chief executive Richard Howells disagreed with each other over how easy it is for commission-remunerated advisers to […]

Standard Life in Sigma deal with Co-op Bank Financial Advisers

Standard Life has signed a distribution deal with Co-operative Bank Financial Advisers that will give the firm&#39s intermediaries access to the 25 funds in its Sigma range. The agreement follows a similar deal with Bradford & Bingley last month. Standard Life spokesman Allan MacLean says: “We believe Sigma&#39s combination of investment flexibility, value for money […]

Opra Publishes New Guidance for Whistleblowers

Opra has published a new guidance for voluntary whistleblowers on reporting to the regulator, following consultation with the industry.Opra note 6 – the power to report problems to Opra – is intended to help non-statutory reporters decide whether or not to report a breach of law and identify risks to scheme assets and members&#39 benefits. […]


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