View more on these topics

Behind the times

In today&#39s world of high technology, I was totally bewildered at a clause

in the terms and conditions of a well known investment house who shall

remain nameless.

In these terms and conditions, the section on change of agency states

change of agency instructions will only be accepted in the form of a

handwritten communication from the client.

So, where communications can be typed and transmitted around the world in

a few seconds, we have a company which is demanding a reversion to the

quill pen. Whatever next?

Will they soon be insisting that investments will only be accepted if

clients deliver a bag of cash to their offices or, better still,

investments may only be accepted in the form of produce or livestock, with

a minimum investment level of three sheep or two wagonloads of barley?

The standard process of preparing a change of agency letter and getting

the client to sign it not only avoids the need to decipher handwriting but

also makes the process of transferring the agency simpler for both the

client and the intermediary and is accepted by every other organisation.

What this firm are effectively conveying in this statement is that an

intermediary cannot be trusted and that their clients must be stupid. Give

us a break.

Ian Lowes

Managing director,



Towry Law leaves a sad legacy to the industry

As a former employee and director of the Towry Law Group for over 16years,I am saddened by the fact that the legacy being left to the financialservices industry by Towry Law would appear to be a misselling liability of£30m, which will have to be picked up by other IFAs, including myself,via the Investors&#39 Compensation Scheme. […]

Future Mortgages bought by Citigroup

Independent sub-prime mortgage lender Future Mortgages has been bought byglobal financial services giant Citigroup for an undisclosed sum. The dealleaves Mortgages plc as the only independent sub-prime lender left in themarket.

Kempster back at Pru as IFA head

Former DBS chief executive Tony Kempster is rejoining Prudential in thenew role of distribution director for its intermediary business.The reorganisation, driven by Scottish Amicable chief executive Kim LercheThomsen, is set to leave current group sales director John Cowan without arole. Other senior positions are expected to be scrapped.Kempster will head Scottish Amicable Financial Services, Pru&#39s […]

New Star branches out

New Star Asset Management has burst on to the investment scenewith the UK growth fund. It will be managed by Alan Miller, who joined New Star as chiefinvestment officer in January after running the Jupiter specialsituations fund from May 1996 to November 2000. Miller will have the freedom to choose whatever UK stocks hebelieves will […]

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.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm