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76% of IFAs fear negative polar impact

Three-quarters of IFAs bel-ieve the proposed changes to the polarisation regime will negatively affect their businesses, according to a survey from the Insurance Marketing Department.

Seventy-six per cent said they expected the negative impact to be major and only 14 per cent said they thought the changes would be beneficial to their businesses. Two-thirds of this group said any positive results would be only at a modest level.

The survey shows IFAs believe the proposals will benefit direct distribution and multi-tied agents at their expense.

Two-thirds view the pro-spect of multi-ties as a threat or significant threat to their businesses.

Ninety per cent of IFAs say the move to scrap the better than best rules, allowing providers to take stakes in firms, will significantly or at least to some extent reduce choice for consumers.

Respondents conclude that as a result of the def-ined-payment system, most IFAs will end up only servicing high-net-worth cli-ents, leaving the majority of consumers at the mercy of the banks.

The survey was sent to over 100 IFAs shortly after the proposals were published a month ago.

Insurance Marketing Department director Ste-phen Phillips says: “The survey shows IFAs are det-ermined to overcome these potential threats to their businesses and that they have thought through what the proposals mean.”


Saga and Bureau to raise Omo awareness

Saga Financial Planning is teaming up with the Annuity Bureau to set up an annuity service aimed at raising awareness of the open market option.The deal will give Saga customers an execution-only service through The Annuity Bureau without charging the normal enquiry fee of £58.75.Customers wanting advice on annuities and the alternatives to annuities can […]

Outside edge – John Cowan

It still amazes me to see footballers arguing with the referee when a penalty is awarded. He is not going to be persuaded to change his mind. It is all too high profile for that.I guess it must be all that pent-up emotion that causes denial and tries to prevent the referee facing up to […]

Standard Life reprices EPP

Standard Life has ditched its existing range of occupational pensions in favour of single charged plans.The single priced range consists of an executive personal pension (EPP) group plan, group additional voluntary contributions and premier small self-administered scheme (SSAS).Looking at the EPP in more detail, it provides access to 20 Standard Life funds that cover areas […]

ABN Amro glides across the Atlantic

ABN AMRO NORTH AMERICAN GROWTH FUND Type: Unit trust. Aim: Growth by investing in North American companies. Minimum investment: Lump sum £1,000, monthly £50. Investment split: Pharmaceuticals 13.3 per cent, cash 10.5 per cent, insurance 8.2 per cent, beverages 7.4 per cent, household products 6.5 per cent, communications equipment 5.8 per cent, IT consultancy and […]

Global income: preparing for a rate rise…

In the five years since we launched the Artemis Global Income Fund, its manager Jacob de Tusch-Lec has built a distinctive portfolio that is first among its peers. Here he explains why his “quality, cyclical and value yield” stocks, and flexible approach, leave the fund better placed to benefit from uncertainty than funds that depend […]


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