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Call for IFA aid on menu system

The FSA has accepted it is having problems designing a workable menu system that covers three sets of conduct of business rules and says it is not too late for IFAs to influence the debate.

Managing director David Kenmir told a gathering of IFAs he wants to find a way around the complexity of its current plans which would see a customer wanting an Isa mortgage with protection alongside receiving three different sets of menu papers.

IFA delegates blasted the proposals as unwieldy and likely to scare off customers altogether by deluging them with paperwork at the very first meeting.

Under the FSA&#39s current proposals, an adviser would have to give an investment menu before talking about an Isa mortgage, even if the customer eventually went for a repayment option. Separate mortgage and general insurance menus would also be required. Kenmir said the FSA was open to all suggestions from IFAs on how the system might work but the menu itself would not be dropped.

Master Adviser managing director Doug Brodie said: “This is like telling the client at the first meeting, &#39I am going to have to charge you a lot but I can&#39t say how much that is going to be because that would presuppose that I am going to have to sell you something.&#39”


MBNA poised to buy Egg – reports

MBNA is believed to be about to buy Egg from Prudential after reentering the bidding for the internet bank. The auction began in January but initial bidders Royal Bank of Scotland and Lloyds TSB have since withdrawn their interest. Reports suggest that the offer from US credit card giant MBNA may be the last chance […]

BBB and Inter call off merger talks

Berkeley Berry Birch and Inter-Alliance have announced they have broken off merger talks. A stock exchange announcement issued today confirmed talks have been abandoned. Had it been successful the merger, which was originally announced in January, would have created the fourth largest IFA. Following the announcement Inter-Alliance&#39s share price increased slightly to 1.32p from 1.25p […]

Parliamentary summit looks at home packs

Mortgage and property industry representatives were brought together with members of the Houses of Commons and Lords last week in a meeting hosted by the National Association of Estate Agents which looked at the Government&#39s controversial home information packs. The meeting was chaired by Labour peer Lord Corbett and views were heard from the CML, […]

Keydata Investments – Dynamic Growth Plan 9

Type: Capital-protected bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £3,000-no maximum, Isa £7,000 Term: Six years Return: Up to 3% growth for every 1% rise in index up to a maximum of 60% Guarantee: Original capital returned in full provided index does not fall by more than 40% […]


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