View more on these topics

&#39Pseudo-guides duping the public&#39

Two leading IFAs are calling on the FSA to clamp down on Isa broker guides issued by many discount brokers, claiming they are misleading investors.

Torquil Clark says the FSA needs to tackle the “highly questionable” fund selection process used in many of the guides.

In a letter to FSA chief executive Howard Davies, Torquil Clark managing director Don Clark attacks what he calls pseudo-guides being distributed with national newspapers.

He says that, although the guides may comply with FSA rules, fund managers are subsidising a broker&#39s business in what is effectively a multi-tied relationship.

He is concerned that the guides only feature best-selling funds, use the words “independent” and “impartial” without qualification and seem connected to the newspapers.

Hargreaves Lansdown claims many of the guides are effectively advertorials for the fund managers and and it is often not clear who has produced them.

Hargreaves Lansdown managing director Peter Hargreaves says: “These guides are duping the general public. They should clearly state they are advertising features and which broker they are produced by.”

FSA spokesman Rob McIvor says: “We are doing nothing specific about the guides. But PIA rules do specify what proportion of a guide a product provider can fund through advertising.”


FSA director steps down

Phillip Thorpe is to step down in May from his FSA post of managing director for authorisation, enforcement and consumer relations. He is taking on a new role as president of the Washington-based Futures Industry Institute.Thorpe was director and chief executive of IMRO from 1993 to 1998 and director of the Securities and Futures Authority […]

Get on board or be left behind

With just two weeks to go before stakeholder finally becomes a reality, one way or another, a milestone in the financial services industry will be passed on April 6. Where the stakeholder story is at most odds with recent financial services history is perhaps in the involvement the industry has had in its evolution. Rarely […]

The Occupational Pensions….

The Occupational Pensions Regulatory Authority is launching a facility on its website to help employers find out if they need to set up a stakeholder scheme. At the website, employers can find out if they are exempt from having to offer staff access to a stakeholder pension. The website asks employers a series of […]

OUTSIDE EDGE david ferguson

An unremarkable sandwich lunch recently was spiced up wonderfully by the comments of an IFA who was wondering how to explain to his client that the with-profits endowment the client had taken out 25 years ago was now worth four times the original sum assured. Great news indeed. The with-profits debate rumbles on, particularly with […]

Natixis video: Making smarter use of asset classes

Content supplied by Natixis Global Asset Management This video from Natixis Global Asset Management focuses on Active Share. One strategy for the smarter use of equity investments is ensuring you get what you pay for. According to the company, looking at Active Share can give you a better perspective on where performance comes from. Active […]


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