Yes “We have to rely on product providers to ensure that their product will do what it says on the tin. The documentation they issue should be an accurate representation of the product.”Michael Curran, Platt Rushton Financial ManagementYes “I have seen a number of products that have been marketed as safe blow up spectacularly. Some products are not suitable for the majority of people. If a client cannot understand them now, how are they to understand them in five years when they have gone wrong?” Jonathan Woodbridge, Paramount Financial. No “Our job is to interpret product literature and we should only recommend products if we understand the risks. It is too easy for IFAs in misselling cases to hide behind providers and claim it was their fault.” Dylan Jenkins, Rickman Tooze Independent Financial AdvisersYes “But there is a duty of care for IFAs as well. IFAs need to analyse products more carefully and take more responsibility for their own actions.” Colin Donlon, Futurefocus. Yes “I agree that product providers should have better testing processes in place.” Andrew Hill, Andrew Hill Financial ServicesNo “I have rather unusual views. My opinion is that I have a responsibility, that I am getting paid for, to do the stress-testing and look at every eventuality, filter the good from the bad and work out whether the product is genuine. The providers are out to make profit. I am the IFA and I am paid to do the stress-testing.” Ramon Lipton, Ramon Lipton IFA. “Yes. I would have thought the product providers do this anyway. If John Tiner is saying this does not happen, I find this worrying.” Philip James, Taxation Services Finance
Landlord Mortgages annual BTL review reveals property investors are deserting London due to high property prices.Only 8.56 per cent of all rental properties purchased over the last year were in London, 5 per cent down from August 2003-04.This is a low percentage considering that the ODPM estimated in 2003 that 15 per cent of England’s […]
Mortgage Express managing director Tim Dawson has been celebrating the 10th birthday (of sorts) of the specialist lending arm of Bradford & Bingley.
Selestia has beaten competition from bigger rivals Cofunds and FundsNetwork to be chosen as the preferred fund supermarket for Simplybiz. Simplybiz is recommending that its 2,400 advisers use the Old Mutual-backed fund platform after a review of its IT systems and the wrappers available on the website. The two will stage joint roadshows later in […]
There are two types of person who buy property overseas – those who want a holiday home, chiefly for their own use and perhaps to rent it out to friends and family to help with financing, and the property investors looking to buy for commercial reasons to expand their property portfolio.
Fiona Tait – Pensions Specialist, Royal London The DGS is more than just a pretty website, it can help you to target those clients who are most likely to be affected by the proposed cut in the Money Purchase Annual Allowance MPAA). Clients who have triggered the MPAA When it was launched Royal London automatically uploaded […]
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
Fiducia managing director on ‘good old-fashioned’ customer service in the digital world Anthony Scott is adept in the art of communication. As an adviser and a novelist (he has written the novels ‘On Ashover Hill’ and ‘The Birthday Gift’) it is crucial for the Fiducia Group managing director to engage and build a rapport with […]
The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]