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Aifa says Which? research raises serious questions about the RDR

Aifa says the recent Which? research into financial advice raises serious questions about the direction of the retail distribution review.

The Which? research, published this week, showed IFAs coming out top with 48 per cent passing all the consumer group’s strict criteria for giving good financial advice, well ahead of the 32 per cent of tied advisers.

Aifa director general Chris Cummings says: “The findings raise serious questions about the proposed reforms of the market by the FSA, which could see independent financial advice become the preserve of the wealthy.

“Under its proposals many consumers in the middle and lower income brackets could be left with a little option but to use tied advisers.”

Cummings says the Which? research shows there is still work to be done to raise standards across the industry, but the results show an improvement from last year.

He says: “The key message from this report is simple: to get the best advice, avoid the high street, shop around, and stick with advisers who are independent.”


In the hot seat

It had not been an easy summer for the chairman of Betelgeuse Investment Funds. Turmoil in the credit markets and a particularly volatile period for shares had not helped demand for its products. Nor had it made life any easier for its managers, operating in conditions where share prices could swing violently in a single day.

Who pays inheritance tax and how to declare it

By Kim Jarvis, Canada Life In this article we look at which forms personal representatives (PRs) need to complete and who actually pays inheritance tax (IHT).  To recap, under current rules, any part of the estate that falls within the available nil-rate band (NRB), currently £325,000, is taxed at zero. Anything in excess of the NRB […]


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