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Aifa warns of overlap on Myners-style review

Aifa chairman Lord Hunt has written to Chancellor Gordon Brown voicing concerns about the proposed Myners-style review of the retail personal finance market.

The review, announced by Brown in his Budget speech, will look at adviser remuneration, with-profits, unit trusts and investment trusts as well as the investment skills base of advisers.

Hunt wants Brown to conduct a “review of the reviews” to avoid duplication and overlap with the FSA&#39s with-profits review.

Aifa also wants the Treasury to set up a consultation on the terms of ref- erence of the review to ensure it takes in all industry and consumer concerns.

In his letter, Hunt expresses his surprise at the reference to personal finance in the original Myners report as its remit was institutional investment.

Aifa says the review is significant to IFAs as they are the major distribution channel for many personal financial products and that some of the comments made in the Myners report about the IFA community and commission should be challenged.

Hunt says: “We hope that such a significant study will be conducted with high levels of transparency and consultation with all those affected, both in the industry and as consumers.”

The Treasury declines to comment.

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