View more on these topics

Advisers must show the value of their service

IFAs must articulate the added value service they offer to consumers if they are to convince the regulator of the need for independent financial advice, according to Aifa director general Paul Smee.

In his speech to the FSA polarisation open meeting, Smee said polarisation has been a force for good and without it IFAs could not have reached the level of expertise and professionalism they have achieved.

He said if multi-ties are allowed, the industry will turn in on itself and engage in a race for distribution, setting it back at least two years, which would only serve to damage how it is perceived by consumers.

Smee conceded that there are problems, the undercapitalisation of the IFA sector and the lack of strength of the brand name of independent financial advice being key among them, but said it will not help anyone if its strengths are forgotten.

He warned the regulator of the cost of getting it wrong if it pushes ahead with reform of polarisation and that there will be no easy recovery from a wholesale destruction of the present system.

Smee said: “The virtue of polarisation is its clarity. A more obscure system will impact on consumer confidence as well as consumer education. The FSA should not end up in a position where investors obtain one sort of advice but believe it to be different.”


Massow buys back IFA business

Ivan Massow has successfully bought back Massow Rainbow, the IFA business he founded, from the receivers as reported by Money Marketing on late afternoon on Friday October 5.

Let sleeping dogs lie in polarisation debate

As the dust settled on the FSA&#39s open meeting on polarisation last week, I could only recall Sherlock Holmes and the case of Silver Blaze. “Then there was the curious incident of the dog in the nighttime,” said Holmes. “The dog did nothing in the nighttime,” came the rebuff. “That was the curious incident,” replied […]

&#39Multi-ties will spark hike in commission&#39

IFAs believe they would get commission rates of as much of 200 per cent of Lautro rates if they multi-tied compared with the current average of 140 per cent.Sway financial services consultancy asked IFAs what commission they would expect under this structure. From the 800 respondents, the average emerged as between 150 per cent and […]

Legal & General – Protected Portfolio

Thursday, 11 October 2001.Type: Mini or maxi capital protected Isa.Aim: Growth by investing in 30 leading stocks from the top 200 UKcompanies.Minimum-maximum investment: £1,000-£7,000.Investment choice: 30 stocks from the top 200 companies.Term: Five years.Guarantee: Capital returned in full at end of term regardless of theperformance of the stocks.Return: Up to 100 per cent growth.Catmarked: No.Closing […]

The FCA’s five fixes for retirement information

The Financial Conduct Authority (FCA) has started to change the way that people will be told about their pension options. In a recent market study paper, they lay out their final proposals on the information that should be delivered to people approaching retirement and how it should look and feel. During 2015, there will be […]


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