Australian wrap provider Praemium says IFA-owned wraps such as Ascentric and Nucleus could produce a conflict of interest in the way partner firms deal with clients.But both platforms have hit back, saying the comments show an ignorance of the UK market. Praemium managing director Arthur Naoumidis says: “We would be concerned if we were the regulator about the set-up of recently announced IFA-owned wraps and whether they will always act in the clients’ best interests.” Ascentric managing director Hugo Thorman says the firm has had detailed discussions with the FSA and partner firms will disclose information to clients. He says: “This shows a lack of understanding of the UK market, which is very different to Australia. We have discussed this with the FSA which is happy with the set-up and our advisers will disclose that they own an equity stake.” Nucleus chief executive David Ferguson says the point of the venture is to align adviser and client interests and there will be full transparency.
Paul Bradshaw has warned that the protection industry could suffer damage to its reputation because of horror stories over payment protection insurance. He said PPI firms that disregard treating customers fairly could have a damaging effect on the rest of the market and lead to consumer mistrust. Bradshaw believes regulation of the protection market has […]
Aifa hits back after mystery-shopping shows widespread failings
The UK’s biggest lender is shaking up the market with its revamped retention strategy, reports Guy Anker
The Pensions Policy Institute has appointed Niki Cleal as its director, replacing Alison O’Connell from the end of July.
The Government is introducing legislation in the Pension Schemes Bill to protect people saving for retirement through master trusts. This follows industry concerns on the risks to members of a master trust failing. In this article, we consider the changes being introduced, why they are needed and their likely effect. What are the changes? The […]
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In August 2015, I made the mistake of checking my work emails late one Sunday evening. Instead of turning in for the night, I poured myself a fresh cup of coffee and turned my laptop on. The reason was an embargoed press release from the FCA announcing it was about to undertake a wholesale assessment […]
Two years on, has the FCA’s flagship reform to improve access to advice been a success or just a damp squib? Advisers are concerned that while reforms outlined in the Financial Advice Market Review will eventually have a positive impact, progress so far has been disappointing on improving access to advice. Critics point to a […]
HMRC has decided to withdraw 6,000 of its controversial notices that require tax penalties to be paid upfront, the Financial Times reports. Accelerated payment notices were introduced in 2014 as part of a crackdown on tax avoidance and give recipients 90 days to settle up. They allow HMRC to collect money from people it deems […]