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Axa sounds out IFAs on linking up for multi-tie

Axa has been canvassing IFAs&#39 support for multi-ties, warning those left behind may have to accept fees and encouraging them to discuss their future with Axa.

The insurance giant has been writing to IFAs, saying major change to the market is on the way.

IFAs are asked to complete a questionnaire which asks if they would consider multi-tying their firm.

The IFAs are then asked if they are willing to discuss the future of their business with Axa and when would they like to be contacted.

The letter obtained by Money Marketing says multi-ties will make IFAs switch towards fees, which most clients are unlikely to pay. It claims that this could force IFAs to review their independent status.

Alan Goffin Indepen-dent Financial Manage-ment principal Alan Goffin says: “Axa seems to be jumping the gun with this letter and intent on raking in enquiries from IFAs.

“IFAs should be very careful about this kind of activity and act with caution until the review is completed.”

Axa spokesman Steve Muir says: “We have had discussions with IFAs about how changes to polarisation might affect the industry because the polarisation review is so fundamental to the way the market develops.

“It make good business sense to talk about the impact of possible changes. This was a local initiative to engage with advisers to see how they view potential changes.”


Ban on commission would widen savings gap

Abolition of initial commission would force 28 per cent of IFAs out of business and widen the savings gap by £4bn, according to the ABI-commissioned Oliver, Wyman & Co report.Many of the rest would be driven to become multi-ties to survive while a wholesale ban of initial and fund-based commission would drive half of IFAs […]

Schroders – Schroder Secure Growth Formula

Wednesday, October 31, 2001.Type: Capital protected fund.Aim: Growth linked to the Eurostoxx 50 index.Minimum investment: £7,000.Place of registration: Dublin.Investment split: 100 per cent linked to the Eurostoxx 50 index.Guarantee: Capital returned in full at end of term regardless ofmovement in index.Isa link: Yes.Charges: None.Commission: Initial 3 per cent.Tel: 0800 718777.

Skipton Building Society – 5 Year Guaranteed Growth Bond

Tuesday, October 30, 2001.Type: Guaranteed growth bond.Minimum-maximum investment: £2,000-£50,000.Term: Five years.Interest rate: 4.75 per cent a year.Return: Up to 50 per cent of original investment linked to FTSE 100, Eurostoxx 50 and S&P 500 indices.Guarantee: Capital returned in full at end of term plus 22 per cent of initial investment regardless of movement in indices.Commission: […]

Consumer confidence counts

The Finanaicl Services and Markets Act did not simply set up the FSA but made provision for one ombudsman and several other panels. Last week&#39s article examined bodies, such as the OFT, GISC and the Treasury which fall for the most part outside the provisions made in the Act which gives the FSA its authority.But […]

Cricket - thumbnail

England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.


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