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Aifa says care needed on execution-only

Aifa has warned that adviser firms looking to set up an execution-only operation should be careful that there is a clear separation between this and their advice service.

In a paper today, Advice Horizons, Aifa says that firms may look to set up execution-only services for some clients which could continue to generate commission as they would not fall under the retail distribution review’s adviser charging rules.

Aifa says: “Firms could consider setting up an execution-only facility for potential and existing clients to purchase products through them without advice.

“This could generate revenue, including upfront commission as execution-only is outside of the RDR’s adviser charging requirements.”

The trade body says this could be useful for clients who are confident in their decision making but might want to seek advice from the firm in some circumstances.

But Aifa adds: “Firms should be aware that the FSA have said they take a very dim view of any firm providing advice and recommendations that are then transacted on an execution-only basis through a firm associated with that which gave the advice.

“There must be a clear separation between advice and execution-only services.”


Insight hires multi-asset specialist from Architas

Insight Investment has poached multi-asset specialist Shantanu Tandon from Axa’s multimanager Architas. Tandon joins Insight in October 2010 and will focus on investment research and selection across Insight’s diversified and multi-asset funds. He will also be involved in external investment selection decisions for Insight’s institutional multi-asset portfolios, working under head of Insight’s multi-asset group Mike […]


Tenet reviews leads deal following’s broker blunder

Tenet says it is reviewing its relationship with PAA leads in light of parent company’s negative press release about mortgage brokers. This follows Personal Touch Financial Services’s decision yesterday to terminate its relationship with PAA leads after’s claims over the weekend that 90 per cent of the best products on the market are […]


UKSPA slams IMA’s Patterson over structured product remarks

The UK Structured Products Association has slammed an IMA director for expressing doubts over the regulation of the products. The UKSPA says IMA director of authorised funds and taxation Julie Patterson “needs to be educated about structured products”. “It is disappointing that the IMA continues to be outdated with regard to structured products,” a statement […]

Bad bank in profit as good bank makes loss

Northern Rock’s so-called “bad bank” Northern Rock Asset Management has posted a profit of £349.7m for the first half of 2010 while the “good bank” made a loss of £142.6m. Bradford & Bingley also revealed a return to profit.


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