View more on these topics

Aifa praises new FSCS funding structure

The Association of Independent Financial Advisers says the new funding structure of the Financial Services Compensation Scheme will see its members paying less towards the levy.

Aifa director general Chris Cummings says while the Compensation Scheme is a vital regulatory safety net, the basis on which the scheme was funded needed urgent reform.

He says: “Aifa has lobbied for reform on behalf of its members for a number of years and we are pleased with the outcome, which creates a fairer distribution of costs across all parts of the financial services industry. This is a positive step and will be welcomed by our members, many of whom will see a significant reduction on their fees this year. The new levy structure is a clear demonstration of the value of a strong trade body representing its members at a national level.”

Cummings adds that the new structure will see firms’ levies calculated on the amount of income generated from the different classes of business undertaken, not the number of approved persons.

He says: “For most IFAs, this is likely to result in a substantially lower levy, particularly as this year the majority of our members will receive sizeable refunds from the winding up of the old Scheme.”

Recommended

It pays to Pioneer

The champion of the week is Pioneer, which paid out on 96 per cent of income protection claims last year.

Grasp the thistle

My weekend included a trip north to watch my beloved Partick Thistle take on the might of Rangers in a Scottish Cup quarter final replay.

Healthcare regulation amalgamation predicted for Gulf states

While Dubai is leading the way in terms of legislating for expat healthcare in the Gulf, Qatar, Abu Dhabi and others are watching and learning – that’s according to Jelf International’s director of international services, Doug Rice. He believes the pace of change in the Gulf states will continue and that some level of unified healthcare system will be introduced across the region.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com