Age Concern is set to back LibDem proposals to provide free basic and generic financial advice to the public.At the Money Marketing/ Cicero Consulting summit in June, LibDem Shadow Chancellor Vince Cable put forward plans for a network of free financial advice centres, funded by the Government and industry. The aim would be to provide free generic financial advice to sections of the public which the LibDems believe are excluded from financial services. The plans were costed at around 400m, with the financial industry shouldering most of the burden, with some Government help. Age Concern director general Gordon Lishman told a LibDem fringe event in Blackpool: “With regard to work we may be doing on LibDem proposals for a network of free basic advice – watch this space.” LibDem pension spokesman Lord Oakeshott told the event that this network was needed to support the introduction of low-cost products which would not take off unless the target audience is given access to them. Cable brought up the issue again at another fringe event, suggesting there is a gap that needs to be filled before someone reaches the stage where they need the help of Citizen’s Advice. Cable said: “Just a small amount of advice from these networks will do an awful lot to restore confidence in the financial services industry.”
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The FSA has unwittingly broken its silence on the emerging shape of the IFA market post-depolarisation after mistakenly releasing deleted extracts from a recent speech by chairman Sir Callum McCarthy.In the original draft of the speech given earlier this week, McCarthy suggested that most IFAs have managed to adapt to depolarisation and the requirement to […]
The Council of Mortgage Lenders reports remortgaging boosted lending figures in August 2005, with gross mortgage lending rising by 9 per cent from July. Lending of 27.5bn in August resulted in the highest reported figure since July 2004. Remortgaging rose 15 per cent to 11.7bn from 10.2bn in July, the highest figure since October 2003.
Multi-manager has evolved consider- ably over the past 10 years and is now a major segment within the fund management industry.
Robin Geffen, Fund Manager and CEO Are you taking enough risk? Robin Geffen, Founder of Neptune and Manager of the top performing Global Alpha Fund, discusses the importance of accepting enough volatility in planning for retirement. Click here to read the full article Important information Investment risks The value of an investment and any income from […]
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
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The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]