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&#39Sandler must see value of IFAs&#39 – Informed Choice

Informed Choice believes it reflects badly on the regulator and the industry that many of the concerns raised by Sandler have not already been addressed in the last decade.

The company says it would be “disingenuous” of the regulators over the years to claim they had no role to play in ongoing issues affecting long-term savings.

Informed Choice says it is disappointed that the scope of the review will not cover deposit accounts and other forms of cash savings as these are used by many consumers as a form of long-term savings.

It says the high cost of distribution can be directly attributed to regulatory cost as up to £1 in £5 of an IFA&#39s fixed establishment costs are associated with regulatory fees. This includes PIA fees, the ICS levy, PI insurance and audit fees.

The company agrees that more clarity is required on with-profits but warns against throwing the baby out with the bath water as it says these policies remain popular because they deliver the results expected by consumers and intermediaries.

Managing director Nick Bamford says: “We welcome the review. We believe this market is dynamic and evolving. It is not without fault and identified faults need to be addressed.

“However, we do not agree with many of the statements we have read in the review document. They tend to contradict much of what we experience on a day-to-day basis.”


Outside edge

This week I noticed reports that the ABI was proposing a new type of adviser for middle-income earners.This tier was referred to as financial awareness representatives, who would gain from reduced compliance and training burdens. So in one move we could arrive at a model where the competence of the advisers was diluted in proportion […]

Product matters

A number of groups are launching new funds at the mom-ent. Given the present state of the investment market, they will prob-ably struggle to obtain much new money.A headache for marketing departments but a godsend to investors brave enough to venture out. Smaller funds with dynamic fund managers who are heavily incentivised make for a […]

&#39Let Isas take savings lead&#39

Isas should be the central plank of the Government&#39s tax-friendly savings vehicles rather than new concepts which confuse consumers, say fund management chief executives.At a meeting in Parliament, Inland Revenue director of investment, pensions and savings policy Paula Diggle was told the Government should not introduce new concepts such as individual pension accounts and child […]

Standard Life Bank – Fixed Rate Bond

Wednesday, 24 October 2001.Type: High interest account.Minimum-maximum investment: £1,000-£1m.Interest rates: 4.9 per cent a year, 4.79 per cent a month.Term: Until October 8, 2004.Offer period: Until further notice.Withdrawal penalties: No withdrawals permitted during term.Tel: 0845 6012340.

The Day of (B)reckoning

A period of exceptional uncertainty started last Friday for the UK, including a fierce leadership battle in a deeply divided Conservative party, the timing of the trigger of the EU’s Article 50, as well as a potential referendum in Scotland, and Northern Ireland. Click here to read the full article


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