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Bank on being better than Barclays

Barclays Financial Planning is telling its customers five reasons why Barclays is in some ways as good as if not better than an IFA.

The reasons range wide and far and include great choice, a one-stop shop, access to specialist advisers, the fact they will take a holistic view and personalised high-quality service.

Can we suggest that IFAs take a look at these reasons and pause for thought to consider Barclays’ claims.

We suggest that IFAs even ask friends or relatives about their own personal Barclays’ experience.

We then invite you to write in and say why they are better than Barclays or to surrender to the fact this bank has got the advice market in the bag with its great choice, one- stop shop, access to specialist advisers, holistic views and personalised high-quality service. We look forward to receiving your views.

Last week, the FSA’s Clive Briault asked analysts to ask more probing questions of life offices when it came to churning. Now Fox-Pitt Kelton analyst Mikir Shah wades into the churning debate but maybe not quite in the way Briault intended.

Shah takes issue with Ned Cazalet’s recent report, saying he has overstated the churning problem and that money is moving from weak to strong offices. He also says persistency problems lie more with life contracts not with pensions.

But could this be true, particularly when the FSA chairman Callum McCarthy picks up Cazalet’s ball and runs with it, using it to berate all and sundry in the pension sector including advisers about their broken model?

Now we aren’t taking sides, we will air the arguments and let readers decide.

But what if Shah is correct and Cazalet wrong? Surely, the FSA would not make policy on the hoof before it checked out the facts? And if Cazalet is correct, will all these interest groups also accept his views about the NPSS?

Maybe it is time that the regulator asked itself some probing questions.


Role reversal

There seems to be a mismatch between some advice propositions and investment propositions

Brokers berate Barclays claims

Aifa is calling on the FSA to investigate Barclays for claiming its service is as good, if not better, than that offered by IFAs.The claims, made in a brochure for the Premier banking service, have outraged the IFA sector, fuelling allegations that the firm is breaching the principles of treating customers fairly and misleading clients.The […]

Aegon stays strong with buoyant Sipp

Aegon is continuing to see strong pension business with a 56 per cent rise in sales in the first three quarters to £768m from £491m in the first three quarters of 2005 on an annual premium income basis.Individual pension sales more than doubled by 106 per cent to API £246m from £119m. These figures include […]

In the shade

Whenever I meet IFAs, after the initial pleasantries, I almost always find myself having to defend the views expressed in this column. The general consensus seems to be that I am unduly negative about IFAs and the good work that they do.

Budget summary – March 2016

This week’s Budget looked as if it would be a difficult one for the Chancellor, with disappointing economic numbers and the need to avoid ruffling feathers ahead of June’s in/out referendum. Nevertheless, Mr Osborne did spring a few surprises, including some tax reductions. So how does this budget affect you? If you are – or […]


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