View more on these topics

Assuresoft forms alliance with CMG

Assuresoft is forming a strategic alliance with information technology giant CMG, mirroring a move by The Exchange last year.

CMG Admiral will use Assuresoft&#39s Vast service to provide streamlined processing to banking and financial clients.

The Exchange formed a strategic alliance with CMG in January 2000 in an exclusive agreement to use its business to business technology with CMG&#39s customer base. CMG sales and back-office systems were integrated with The Exchange&#39s services to provide IFAs with a quotation, transaction and admin service.

Assuresoft and The Exchange are already locked in competition for the contract to power The Exchange&#39s former consumer site, which is now an IFA owned by Bristol & West.

Assuresoft chief executive David Stewart says: “Vast provides revolutionary end-to-end, straight-through processing which provides significant speed.”

Exchange PR manager Charlie Musson says: “We still have a relationship with CMG and we will still continue to work with them. In this industry, companies work with each other where appropriate and compete in others. There is room for both to take place.”

Trade bodies and the FSA are disagreeing over how many IFAs there are in UK, with estimates ranging from 26,000 to 36,000.

Last week, Money Marketing revealed figures provided by the FSA processing department to the LIA which showed the number of IFAs has risen by 29 per cent to 36,365 from 28,230 last year.

The LIA believes much of the increased number could be made up of former IBRC-registered intermediaries.

But the FSA press office says these figures are inaccurate. It says there are more likely to be 26,000 IFAs, which is much the same as last year&#39s number.

The FSA says the higher figure given to the trade body may stem from the inclusion of recognised professional bodies such as accountants.

The lower figure only comprises PIA-registered IFAs.

Aifa estimates the number of IFAs in the UK is 24,000, two-thirds of which it says are its members.

The Matrix directory of IFAs says it has 35,000 IFAs on its database.

FSA spokeswoman Jackie Blyth says: “The number depends on how you classify an IFA. The higher number may include recognised professional bodies registered with the FSA rather than just PIA-registered IFAs. The difference is confusion, not conspiracy.”

Analysis, p9


Rothschild swoops for multi-fund duo

Rothschild Asset Manage-ment has recruited two of Friends Ivory & Sime&#39s multi-manager team to replace Rob Burdett and Gary Potter who resigned last week. Bambos Hambi and Marcus Brookes will join RAM at the end of June, when Potter, Burdett and their colleague Kelly Prior leave to head Credit Suisse Asset Management&#39s multi-manager operations. Potter […]

Wifas offers advice to Scope members

Woolwich Independent Financial Advisory Services is linking up with cerebral palsy charity Scope to provide help and financial advice to its members and supporters. Wifas is offering free initial financial planning meetings and will assist Scope&#39s fundraising by donating “a significant proportion” of its commission earnings. The IFA is also working with Scope to help […]


Does anyone remember the days when life offices were risk takers? I do not mean prolific gamblers but rather when they last ran a book of business that included profits and losses on each contract with the ultimate aim of delivering profit to the company. Since investment business became the key focus for life offices, […]

Lincoln cutting top-up charge

Lincoln is cutting charges for top-ups on its existing individual pension contracts in a bid to prevent a haemorrhage of its existing business to lower-charging stakeholder schemes. The 200,000 policyholders with contracts dating from 1986 will get a new charging structure of 0.5 per cent annual charge on the incremental contract. The firm, which sold […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm