The LIA believes the defined payment system should be replaced by a menu based option allowing consumers choice as to how they pay their adviser.
It fears the introduction of the DPS will force IFAs to migrate out of the sector to become multi-tied which will damage consumers.
The professional body believes IFAs should be able to continue to do be remunerated off of commission as long as their clients are aware of the arrangement.
More than 100,000 consumers asked for IFA details through IFA Promotion's website and hotline in the first quarter of the year.The figure dwarfs last year's six-monthly figure for January to June of 133,000 and puts IFAP well on course to meet its target of 300,000 referrals over the year.Last year, IFAP pointed 250,000 customers tow-ards […]
Prudential chief executive Mark Wood has defended the role of with-profits products, saying they are too important for the country to be killed off.Speaking at Prudential's with-profits roadshow in London last week, Wood said the combination of CP121 and the Sandler review presented challenges for product providers and IFAs alike but he said the Pru […]
Skandia is calling on the FSA to focus on reforming the tied sector – where it believes consumer choice is unreasonably limited – but to adopt a lighter touch for IFAs, as part of its response to CP121.It is proposing a simplified regime with status disclosure and terms of business being replaced by a “needs-based” […]
Monday, April 29, 2002 Type: Guaranteed equity bond Aim: Growth linked to the performance of the FTSE 100 index Minimum investment: Lump sum £1,000 Place of registration: Isle of Man Investment split: 100% linked to the performance of the FTSE 100 index Guarantee: Capital returned in full regardless of the performance of the index Yield: […]
In recent times, we have witnessed high-profile celebrities and sports stars make the headlines for potential tax liabilities on ‘failed’ tax avoidance schemes. We are now used to reading about these individuals, but what about those who advise on such schemes? Read more
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
Fiducia managing director on ‘good old-fashioned’ customer service in the digital world Anthony Scott is adept in the art of communication. As an adviser and a novelist (he has written the novels ‘On Ashover Hill’ and ‘The Birthday Gift’) it is crucial for the Fiducia Group managing director to engage and build a rapport with […]
The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]
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