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AMP believes only 3% of IFAs will stay independent

AMP predicts that less than 3 per cent of advisers will remain independent following depolarisation based on its experience in Australia.

Speaking exclusively to Money Marketing about its response to CP121, managing director (UK) Tom Fraser says he will be happy to invest more in Towry Law to keep it independent if he is sure it is what customers want.

AMP calls for the scrapping of the better than best rules which have frustrated the firm since it bought Towry Law last year. Fraser says: “There has been an excruciatingly high hurdle to jump for Towry Law to recommend AMP products.”

AMP is also calling for a pared-down regime in which advisers simply disclose if they are independent or not and which allows for flexibility in the defined-payment system.

Fraser says: “We are genuinely multi-distribution and have no axe to grind. We are an impartial voice. We said when we bought Towry Law that depolarisation would be the icing on the cake – we now have it.”

•CP121 responses, pages 8, 9 and 10


Almost three in 10 people in their 20s set to buy a home

Almost three in 10 people in their 20s plan to buy a house within the next two years while older people are putting off plans to move, according to research from Alliance & Leicester.Its latest quarterly moving-improving index says despite reported house price increases and predictions of double-digit house inflation, younger buyers have not been […]

System for fees

As the debate over CP121 hots up, I am pleased to see a more balanced and considered opinion being put forward by many IFAs. The res- ponses to my recent article have been varied, ranging from those who whole-heartedly believe that CP121 will have a positive impact on independent advice in this country to those […]

NU and Friends Prov take 20 per cent of Tenet Group

Norwich Union and FriendsProvident are each taking a 10 per cent equity stake in the Tenet Group. In the transaction, both life companies have each invested £9.5m made up of shares and loans in the group which owns networks M& E and Interdependence.

Andrew Merricks

Born: December 25, 1959, in Purley, South London.Age: 42.Lives: Hove, East Sussex, with his three children.Education: BEd honours, Brighton Polytechnic.Career: 1982/85 physical education teacher; 1985/90 financial adviser, Guardian Royal Exchange; 1990-present partner, Simpsons of Brighton.Life ambition: “To get to number one with World Cup single Better Than U, earn enough to retire and go horse […]

Developing your personal relationships – Webex

Read more 9amFinancial advisers and solicitors working together Presented by Ian Muirhead, director & chairman at Solicitors for Impartial Advice (SIFA) Listen to Ian’s expert insight and experiences of how financial advisers and solicitors can work together to deliver mutual benefit and enhanced client outcomes. Register here 10am Financial advisers and accountants working together Presented […]


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