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Aifa backs objectives behind Thoresen Review

The Association of Independent Financial Advisers has thrown its support behind the Thoresen Review ahead of next Monday’s launch.

Aifa director general Chris Cummings says he supports the review’s aim of ensuring more people have greater access to financial information and advice.

He says: “As a nation we face a falling savings rate and rising levels of personal debt. We must work together to combat this. Generic financial information can provide a first step for consumers to address these issues but we must ensure it is a first step towards more professional financial advice.”

Cummings says Aifa’s own research shows that access to professional advice for the UK’s 24 million households could see a national personal debt reduction of almost £30bn.

He says: “The research also estimated that within four years of low to medium income population groups receiving financial advice, and only one in ten acting on it, new contributions to medium term savings plans would increase by £1.5bn net.”


Harris calls for ratings to reveal broker strength

Savills Private Finance managing director Mark Harris has proposed the creation of a Fitch-style rating system to measure the financial robustness of mortgage brokers.He says it is important for clients to know their broker is going to be there after completion, especially if the lender gets into trouble.Harris says it is not always easy for […]

Free services are just the job

Why would an IFA firm usea recruitment agency to find good staff and sales people when we have the free services provided by the nationwide network of job centres at our disposal? I recently needed to recruit an administration assistant and our ad in the local job centre quickly generatedhalf a dozen applicants.I employed the […]

‘Bank crisis shows virtues of IFA model’

The Northern Rock and Societe Generale debacles are further evidence that it is the bank business model and not the IFA model that is bust, says Sesame.Speaking at a Money Marketing RDR round table, Sesame chief executive Ivan Martin said the wrong model is being accused of being broken. He said the Government must see […]


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