View more on these topics

&#39Networks will face a battle for survival&#39

Networks will struggle to survive after phase two of the polarisation review, warns one of the big four management consultancies in a new report.

Cap Gemini Ernst & Young vice-president Shaun Crawford believes the Treasury intends to push through plans to scrap polarisation.

Crawford believes small specialist IFAs and those whose clients are mainly corporate will survive but networks whose members come in all shapes and sizes will find it difficult going.

He does not think the FSA is taking the lead on the review but is being pushed by the Treasury.

The report expresses surprise that original plans to allow IFAs to become multi-tied agents were not included in phase one of the review. Crawford says this puts IFAs at a disadvantage because it allows direct providers but not IFAs to change their status.

Crawford says: “This is going to create some issues for IFAs. Networks, especially, are going to have a difficult battle on their hands. Small firms that deal with high-net-worth and corporate clients will be fine because their clients appreciate the value of independent advice.”

DBS chief executive Alan Taylor says: “How can the report predict what will happen in phase two when we do not even know what criteria will apply to remaining independent, which many IFAs will continue to be?”


Special delivery from ABN Amro

For ABN Amro Asset Management, the start of the new century has lived up to expectations. Having ended 1999 with £198m under management, it found itself ranked the 100th biggest unit trust provider in the UK, with its brand associated principally with its Dutch parent bank. Furthermore, despite many of its funds holding five-year track […]

The great escape

The Inland Revenue put an end to a period of intense speculation when it finally unveiled the personal pension transfer regulations at the end of January. The draft regulations had proved so contentious that the industry was given not one but two chances to comment. So did the lobbying pay off? Well, only in part. […]

PolicyPlus International appoints investment manager

PolicyPlus International is appointing Tony Farrell as investment sales manager to promote its Endowment Growth Fund to intermediaries. The fund invests in traded endowment policies and is quoted on the Dublin stock exchange. Farrell worked for 17 years for Norwich Union, the last five spent as a branch manager. Farrell says: “I am looking forward […]

Charles Schwab launches Sipp

Charles Schwab is moving into the UK pension market with the launch of a self-invested personal pension. The Sipp has a minimum initial investment of £5,000 and subsequent investments of £100. The set-up fee is £135 and the quarterly administration fee is 0.125 per cent of fund value for the first £100,000 and no charge […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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