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Acts of independence

As we begin to understand the potential ramifications of CP121 for the IFA sector, I have a few questions for David Severn which would help us draft our detailed responses.

We are told that the word “independent” is to become a protected word, in a similar way to “royal” or “university”.

To achieve this with the word “broker” took an Act of Parliament – I wonder if we could be given the specific legislative reference to the act that gives the FSA the power to force firms to change name?

I note that the Regulatory Reform Act received Royal assent last April. What steps have been taken by the FSA to reduce the bureaucratic burden on small businesses, in order for them to comply?

I am aware that, back in the real world, we will simply have to deal with the whims of whichever regulator we have this week while trying to comply with the Companies Act and trying to make a profit.

Still, if we do not like this regulator, just wait a while – there will be a new one along shortly.

Phil Billingham

Pewsey, Wiltshire


Mortgage Express five-year fixed

Mortgage Express five-year fixed Type: FixedFixed term: Until 3 June 2007Fixed rate: 6.49%Minimum loan: £40,000Maximum loan: £500,000 up to 50% LTV, 90% LTV up to £250,000Income multiples: 3.25 principal plus 1 or 2.75 x joint (employed); 3.5 x principal plus 1 or 2.75 x joint (self-employed)Arrangement fee: £325Redemption fee: Six month&#39s interest at underlying variable […]

Yorkshire Guernsey – 3 Year Stepped Rate Bond

Thursday, March 28, 2002Type: High interest accountAim: IncomeMinimum investment: Lump sum £5,000Place of registration: GuernseyYield: 5% gross until April 30, 2003, 5.5% gross from May 1, 2003 toApril 30, 2004, 6.5% gross from May 1, 2004 to April 30, 2005Isa link: NoCharges: NoneCommission: NoneTel: 01481 710150

Split-cap fund firms in move to cut fees

Some of the most distressed split-cap trusts moved to put the brakes on the crisis this week by cutting or waiving their annual fees.The move comes in response to AITC director general Daniel Godfrey&#39s letter to split trust chairmen this month, suggesting that trusts try to cut costs to stem the problems.Aberdeen Asset Management led […]

Investment update

Rothschild Asset Man-agement is in talks to buy the £20m fund of funds business from IFA network Misys. The deal will take RAM&#39s Fof assets from £99m to £119m, consolidating its position as the biggest retail multi-manager group in the UK. RAM says it is likely to merge the three funds into its three Five […]

Health - thumbnail

Absence management systems gone AWOL from UK’s SMEs, reports Jelf

A quarter (23 per cent)* of the UK’s small to medium-sized enterprises (SMEs) do not have an absence management system in place, according to new research from Jelf Employee Benefits. Despite 69 per cent* of organisations having a system in place, three-quarters (75 per cent) report that it is not providing them with sufficiently empowering absence or health data to inform an effective wellbeing programme.


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