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Bamford accuses Barclays of multi-tie confusion

Informed Choice managing director Nick Bamford is accusing Barclays Financial Planning of confusing its customers by implying that its multi-tie proposition is whole of market.

Barclays will launch an advice service for its UK retail customers in the summer to take advantage of depolarisation. Its panel will consist of Axa, Friends Provident, Legal & General, Norwich Union, Prudential and Standard Life.

Bamford says claims made by Barclays that these providers constitute the “best available” after “searching the whole of the market” will confuse customers. He says: “This is exactly the kind of pseudoindependent statement that is going to lead customers into believing that Barclays offers whole of market advice. The FSA must crack down on this.”

Barclays Financial Planning managing director Jim Reeve says: “We considered what we deemed the best providers in each area based on strict criteria. Our service will be on a par with an IFA’s service. This IFA obviously feels threatened by the service we will provide.”

Beachcroft Wansborough managing director Richard Hobbs says: “The risk with multi-ties is they overstate their position. It is possible for a multi-tied intermediary to break principles in the FSA handbook.”


FSA cuts paper rule for funds

Managers of authorised schemes operating under the FSA’s collective investment scheme sourcebook will no longer have to publish unit prices in a national newspaper from April.

Firm foundations Taking the taskforce to task

The report of the Employer Taskforce on Pensions published in December 2004 resulted in positive comment from the usual pension organisations and bodies representing employers, such as the CBI and British Chamber of Commerce.

Evolution or revolution?

When guaranteed critical-illness cover rates started to rise a couple of years ago, some providers predicted that the industry would have to develop a completely new product model if this type of cover was to survive.

Leading Edge June – Investment panel debate

RLAM’s asset class specialists discuss some of the findings from the panel session at our recent Investment Conference. By Rob Williams, Head of Distribution Welcome to the latest edition of Leading Edge. It has been an eventful six months since the last e-zine. The European Central Bank announced ongoing stimulus measures, while the immigration crisis in Europe threw the […]


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