View more on these topics

CA wants lower-tier advisers to refer clients to IFAs

The Consumers&#39 Association is to call for three categories of lower-tier financial advisers who refer consumers to IFAs if their needs extend beyond the safe haven products they are allowed to offer.

The watchdog is this week publishing a paper which will call for lower-tier financial advice to be available from local government offices or Citizens&#39 Advice Bureaux, employers or charities as well as the more conventional sources of IFA firms and high-street providers.

Whenever a consumer&#39s financial needs extend beyond the products that the lower-tier adviser would be allowed to sell, the adviser would refer the client to an IFA rather than a high-street bank or direct salesforce.

It is believed that the CA will say that, with its proposals, more consumers will have access to independent advice.

The CA will suggest that up to a third of the compliance requirements could be cut out of the advice process, making the plans more economically attractive to IFA firms. It will say that these lower tiers could be funded through public money or from FSA fines.

Aifa director of policy and technical services Fay Goddard says: “The amount of information given by someone working in a local Government office or Citizens&#39 Advice Bureaux should be strictly limited to information but we do welcome the referral mechanism the CA is suggesting.”

Recommended

Waiting too long

Two weeks ago, I looked at how the industry might modify its approach to electronic new business processing to make it more attractive for IFAs to use. The natural counter point to any such development is the electronic delivery to advisers of information on existing contracts.Clients are always far more interested in the progress of […]

B&W scales down London focus

Bristol & West is cutting back its focus on buy-to-let lending in London, where it says investment yields are falling, to inc-rease its presence in other areas around the UK.The firm says that from an investors&#39 point of view, it is becoming more difficult to justify buy-to-let borrowing in London, where returns have dropped to […]

Clerical Medical offers extra on bond

Clerical Medical is offering a 1 per cent extra allocation on its investment bond and “bond fee” version of its distribution bond.The offer which begins on June 5 will apply to all new investments and top ups to existing bonds until further notice.The move increases the allocation on the investment bond to 101 per cent […]

L&G helping brokers complete mortgage applications online

Brokers using Legal & General&#39s point-of-sale mortgage decision service are now able to complete the entire application process online.A new system, goal:technology, from Focus Solution, is designed to speed up the completion process for mortgages and related protection products.Customer information is collected and validated offline through each stage of the mortgage advice and application process. […]

Embrace simplicity!

By Fiona Holmes, proposition communications manager When I first took out critical illness cover, I was overwhelmed. It wasn’t just the form filling, it was finding out about the sheer number of illnesses I was covered for. Did it give me peace of mind that I was covered for neuromyelitis optica or systematic lupus erythematosus? […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com