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Aifa believes commission charging advisers can remain IFA

Aifa believes comments from David Severn today about defined payment mean commission charging advisers will still be able to call themselves independent.

The trade body believes the regulator will now look for more transparency about the way advisers are charging their clients.

Aifa has welcomed today&#39s announcement by the FSA&#39s David Severn that the proposed defined payment system and the authorised financial adviser category look set to be scrapped.

Aifa says it is not surprised that DPS looks likely to be replaced with a much more workable solution more in line with the menu based approach it has been working on with IFA Promotion and has put to the FSA.

Aifa director of public affairs Tracey Mullins says: “With the menu the cost of advice will have to be given to consumers early in the process and separated from the product. It would allow IFAs to operate on commission or fee basis, not linked to their status. It is better for IFAs and would allow many more to remain independent.”

Following on from this move Aifa believes it makes sense for AFA to be scrapped saying it as never clear what it meant in the first place and how it would be distinguished from IFA.

Mullins says: “Just having IFAs and multi-tie would make it much clearer for consumers. But this all depends on what the FSA proposes for the tied sector. We would hope it will consider an equivalent disclosure regime for multi-ties as for IFAs.”


Regulation is really needed in the reversion market

I refer to the article headlined, Regulation Reunited in Mortgage Brief (Money Marketing, August 29).Regulation of lenders and mortgage advisers is long overdue and it is some comfort to know that consumers should have protection from mid-2004.However, it would be interesting to see if banks, building societies and spec-ialist lenders which become authorised actually comply […]

L&G tops pension fund manager table

Legal & General is the largest manager of UK pension funds, according to the latest survey of investment managers by Hymans Robertson.Barclays Global Investors took second place, displacing Merrill Lynch, who moved up to third.The survey showed that US institutions have made significant inroads into the UK marketplace. Goldman Sachs entered the top ten at […]

&#39Revenue aiming to axe tax-free pension cash&#39

Inland Revenue senior civil servant Paula Diggle is looking at ways to phase out tax-free cash on pensions, according to Retirement Income Reform Campaign director Oonagh McDonald.Diggle is part of a Revenue team working on a report on pension taxation which will generate ideas for a Green Paper expected in NovemberSpeaking at the Pens-ions in […]

Derbyshire Building Society – Derbyshire Dual Bond

Tuesday, 17 September, 2002 Type: Combined high interest account and Norwich Union portfolio bond HIGH INTEREST ACCOUNT Minimum-maximum investment: £3,000-£150,000 Interest rates: 7% gross a year Term: One year Offer period: Until further notice Withdrawal penalties: No withdrawals permitted during term UNIT-LINKED BOND Aim: Income or growth Minimum investment: Lump sum £7,000 Fund links: Norwich […]

Apple: a stellar technology story

By Ali Unwin, head of technology sector research

Apple recently announced the highest-ever recorded quarterly net profit ($18bn), with the sale of 74.4 million iPhones helping the company deliver $74.6bn of revenue for the quarter ending December 2014. These sales were largely driven by strong demand for the new iPhone 6 and iPhone 6 Plus. Highlights included Chinese iPhone sales doubling year-on-year and unit growth of 44% in the US — supposedly a well-penetrated market. Apple ended the quarter with $178bn in cash on its balance sheet, having generated a staggering $30bn in free cash flow during the quarter.

At Neptune, we have been long-term believers in the Apple story, and continue to hold the stock in a number of our portfolios based on the company’s long-term growth prospects. This is predicated on our belief that Apple has proved thus far that it can — unusually for a consumer electronics company — maintain high margins for a sustained period of time, even as adoption of new technology slows down and competitors produce similar-specification products.


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