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Aifa says RDR comes down to core issue of independence

Aifa says there is a lack of logic behind the retail distribution review and reaffirmed its view that whole of market advice is an essential condition for independence.

In the third of its RDR Issues Papers, Aifa says the RDR proposals could devalue the strong brand that consumers associate with the word independent.

Deputy director general Fay Goddard says there are only two options worthy of debate. Whether the term independent is used by whole of market professional financial planners and general financial advisers remunerated by fees/customer-agreed remuneration only or whether it is used by PFPs and GFAs offering a fee/CAR option but also using traditional commission if clients prefer.

It says it is not practical to restrict the word “independent” to a defined category of adviser and that instead it should relate to the scope of service and where the contractual obligation lies.

At the retail distribution financial services summit in London last week, the FSA’s RDR head Amanda Bowe said many respondents to the RDR believe independence must be limited to whole of market and said: “This may well be where we end up.”

Goddard says: “Research shows consumers understand and value the term independent. At a time when we are trying to increase access to advice and improve financial capability and education in the UK, why is the RDR proposing to compromise this?”


‘Market conditions may prompt cut in base rate’

Mortgage experts believe that the next move in the base rate could be down after the Bank of England’s monetary policy committee held the rate at 5.75 per cent last week.The decision was widely expected after inflation fell in July to 1.9 per cent from 2.4 per cent in June, below the Government’s target rate […]

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GMAC-RFC to increase intermediary sub-prime rates over 85 per cent LTV

GMAC-RFC has revealed it will be re-pricing its non-conforming products over 85 per cent loan to value tomorrow.It says it will confirm tomorrow how much it will increase its rates by but says its SVR will remain unchanged.This comes after it announced to its partners that it will increase rates by 0.5 per cent on […]

Get your New Year off to a flying start

Ross Jackson, Senior Marketing Manager There’s no denying that these days we expect things quickly. You might have noticed it first-hand during the flurry and rush of the Christmas period. The fact is that in a world of smartphones, social media and click and collect, most clients expect to get an instant response and a […]


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