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&#39Proposals risk being idealistic&#39 – Selestia

Sandler&#39s focus on asset all-ocation and transparency has been welcomed by Sel-estia but it warns that other aspects of the recommendations do not go far enough or risk being idealistic.

Managing director Brett Williams says: “The assertion that simplifying products will prevent them being missold perpetuates rather than resolves much that is wrong with the industry and its obsession with product when what really matters is the underlying investment.&#39

Selestia also fears that establishing a second tier of unregulated advice may herald a return to the bad old days of the pre-regulated world, with anyone from taxi drivers to car mechanics being able to give financial advice.

The need to provide transparent investment solutions rather than product solutions is key, says Selestia, which believes that as long as products are simple, what clients pay for advice should be between them and the adviser.

On with-profits, Selestia is concerned that the issue has been fudged and had hoped the report would go further by banning them in their current form.

It says: “The fact that Sandler has backed away from taking a strong line on this is very disappointing.”


Slow process

This week I received maturity papers from Friends Provident for a client&#39s 25-year with-profits endowment policy.I dusted down the original file and as you would expect the plan had produced a good return – £21,759 as against the projected value of £12,710 from the original quotation.But perhaps more interesting was the case processing. The acceptance […]

1% cap fears over new plans – Friends Provident

Friends Provident supports Sandler&#39s proposals to introduce a set of simple regulated products but says experience of stakeholder pensions suggests that a 1 per cent cap may restrict the take-up of new stakeholder products.It stresses that consideration should be given to the effect these proposals may have on the availability of independent advice in the […]

Cautious welcome from Misys members

“It&#39s early days but I would hope some of the funds raised from flotation would be pumped back into the business and help ease the large burden of fees on members. Perhaps they could use the extra money to introduce a cap on fees.”DBS member Best Advice senior financial consultant Anthony Moss

Correspondent&#39s week

It is going to be a busy week. Sandler, Pickering, budgets for 2003, a major advertising review, opening in France, new plans for Germany, new fund managers, new fund launch. Oh, and the market is collapsing.Remember Marshal Foch. “My centre is giving way. My right is retreating. Situation excellent. I am attacking.”Monday morning brings the […]

Martin Foden discusses how convenience is affecting the construction of fixed income portfolios

In this short video, Martin Foden, head of credit research at Royal London Asset Management, discusses how convenience is affecting the construction of fixed income portfolios. Watch the video in full The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not […]


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