Bankhall is cutting up to 35 staff from its commission department as its members increasingly move to a fixed-fee model.The firm says member demand for its fixed-fee model has driven the decision. Advisers pay monthly for support services on fees rather than by giving up 3 per cent of their commission. Bankhall says the cuts will apply primarily across its commission department and numbers have not been finalised but will be between eight and 35 staff, depending on how many members move to fixed fees. The firm says most of its members have been paying fees for some time and, in light of the treating customers fairly regime, advisers want more compliance support and a fixed fee is seen as the fairest way of offering value for money. Bankhall marketing director Richard Howells says: “This move is in response to members’ calls to pay via fees. This is a transitional process throughout the rest of the year and until we know how many staff will be affected, we cannot give an accurate number.”
You will have read about the treating customers fairly initiative, the regulator’s big theme of 2006. In September, the FSA published a discussion paper called, The Responsibilities of Providers and Distributors for the Fair Treatment of Customers.
Here we are in October – that most unpredictable of months. Big stockmarket shakeouts happen in October. The Great Wall Street Crash of 1929, the Yom Kippur war in 1973, Black Monday in 1987 – all happened this month. This is meant to be the season of mists and mellow fruitfulness. It is also the month when seasoned investors are on the lookout for banana skins and the fact that, at the end of September, Wall Street reached its highest levels since 2000 will probably heighten investors’ nervousness.
The pressure is being piled on Scottish Widows to join equity- release trade body Safe Home Income Plans. A Money Marketing poll reveals that over two-thirds of our readers think Widows should join. Last month, Widows was ordered to change its Key Facts Illustration by the FSA after faults were uncovered.
The Association of Mortgage Intermediaries has announced its support for the Financial Service Authority’s stance on provider/distributor relationships, after the publication of its discussion paper last week.AMI associate director Rob Griffiths says: “The message from the FSA is clear: lenders must look to work in co-operation with intermediaries, taking a more open and long term […]
According to our recent report on the death of retirement, changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. The average contribution rate into an old-style final salary pension was around 20% of total wages, the statutory minimum for a new automatic […]
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