View more on these topics

Adviser wants union to fight cases

Emery IFA Associates principal Peter Emery is calling for a union to represent IFAs in the face of mounting compensation claims.

Emery says IFAs must be better protected against clients encouraged by the media to make misselling claims and wants a body to run alongside existing trade organisations.

He warns that the cost of PI insurance and excesses will continue to rise and predicts every business plan will have to contain a provision for two or three claims a year per adviser.

Emery says a body funded by IFAs could challenge cases where awards are made by the ombudsman against advisers.

He believes IFAs should be able to pursue compensation where cases are “based entirely on the claimant’s greed”. He also thinks there needs to be a clearer definition of misselling.

Emery says: “The ombudsman is not very well qualified to deal with these issues. We need a multi-themed approach – to fight some big cases and establish a precedent so people get the message and use financial journalists to get the message out.”

Syndaxi Financial Planning director Robert Reid says: “There is no evidence IFAs are willing to fund something like this.”•Comment, p22


Investment View

A New Year, new opportunities. The chairman of the curiously named Betelgeuse Investment Funds gazed out across the rain-lashed Thames from behind the protection of his plate-glassed office. This view would not be his to enjoy for much longer, he mused. Even assuming that his business could maintain its independence during a period when he […]

Mortgage View

In May we heard initial details from Gordon Brown on the Governments “Homebuy” scheme. The timing was interesting as the closing date for the consultation was a month later, leaving the suspicion that the consultation process was a charade. More details have now been released on this Government initiative for helping some FTBs. Unfortunately the […]

Read fined £150k over pension unlocking

The FSA has fined Read Independent Financial Advisers £150,000 over advice on unlocking pensions. The regulator says there were serious defects in Read’s sales process, inadequate familiarity with regulatory requirements and failure to include adequate risk warnings in its financial promotions. These breaches potentially affected 1,100 consumers between September 2000 and January 2003. The FSA […]


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