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Aifa wants FSA to set out list of consultants

Aifa says the FSA should consider publishing a list of compliance consultants it uses to undertake skilled person’s reports to guide advisers towards good quality consultants.

In its response to the FSA’s consultation paper on organisational systems and controls, Aifa says the regulator could also work with the Compliance Institute to raise standards.

Aifa says there will be calls to regulate compliance providers or create approved lists. It does not approve consultants although consultants can pay an annual fee of £250 to be on an Aifa database.

It says: “It is still the case that compliance consultancies vary in quality considerably and many are actually a barrier to firms reaching required standard as their advice is so poor.”


Abbey confident of hitting targets

Abbey for Intermediaries managing director Ricky Okey says it still plans to deliver against its 2008 business plan despite the liquidity crunch.Speaking at its key account conference last week, Okey said the firm will stick to the lending plans which it originally set last August.He said: “A lot has happened since then but we have […]

Fidelity Intl admits jobs at threat as CBI warns of industry shake-out

Fidelity International is set to cut 100 jobs from its UK operation in a bid to tackle ongoing market volatility, Money Marketing understands.The group has confirmed that a review is under way, with several back-office functions already believed to have been moved to India.Fidelity International has a worldwide workforce of 5,000, excluding the US arm […]

Warning to IFAs on drawdown advice

IFAs are being told they should not offer advice on income drawdown unless they are capable and prepared to provide ongoing management of the portfolio.Compliance consultant Adam Samuel says that to offer an income drawdown service safely, advisers have to actively manage the fund.However, he says few advisers are capable of giving drawdown advice and […]

Northern Rock to slash mortgage book by 60%

Northern Rock has revealed plans to offload 60 per cent of its mortgage book at it looks to break even by 2011.The bank says it will encourage borrowers to remortgage elsewhere after their mortgage terms expire, with the aim of reducing its balance sheet from £107bn to around £50bn.It will limit its share of gross […]

Trusts: Easier than you think?

Protection providers often extol the benefits of placing plans in trust. The advantages for clients are widely recognised and numerous – inheritance tax mitigation, avoiding probate delay, controlling claim proceeds, and so the long, familiar list continues. Yet, dismissed as unnecessary form-filling, or simply viewed as irrelevant in the context of a mortgage sale, less […]


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