View more on these topics

‘CAR negates role of regulated networks’

Standard Life argues that customer-agreed remuneration would negate the role of “commission club” regulated networks.

Distribution strategy director Stephen Ingledew says for advisers wanting to be remunerated by CAR and call themselves independent, the attraction of a network is not so obvious.

He says: “In order to call yourself independent, you need to adopt CAR. One of the selling points of the network is that they can get better commission rates than going direct. With CAR calling for greater transparency over commission levels, it calls into question that mechanic.”

Ingledew believes it might drive more IFAs towards service propositions where fees are paid for compliance and marketing support.

He says: “I know some support propositions also benefit from better commission but they are more about how the advisers are paid. Many tend to charge fees for their serv- ices, which is more straight- forward if firms want to declare themselves independent.”

But network chiefs think his views are outmoded, saying that commission levels are rarely a factor in ARs choosing a network.

Tenet chief executive Simon Hudson says : “I find this view a little outdated. Support service propositions would not exist if it were not for the fact they could get better commission rates. If you asked our network members why they had gone down that route I think you would find commission is far down the list of reasons.”

Whitechurch Network managing director Ian McIver says: “We so rarely get asked for commission rates we do not even have documents outlining what our rates are.

“What network members want help with is compliance, TCF, RMAR – they want protection from doing it wrong.”


‘Offshore crackdown breaches English law’

HM Revenue & Customs is turning the English legal system on its head by demanding information from thousands of offshore bank accountholders, claims tax accountant PKF.HMRC is in the process of sending letters to 5,000 inv- estors who have not already disclosed information as part of its crackdown on offshore account holders.PKF tax investigations partner […]

Almost 60% expect to own first home by 30, says A&L

Over half of 20-somethings expect to own their own home by age 30, says Alliance & Leicester. The latest Moving Improving report shows that 57 per cent of 18 to 29 year olds think owning a property by 30 is a realistic goal.   A&L says the average age of a first-time buyer is now […]

Premier ditches search for MD

Premier Mortgage Service is no longer looking for a successor for current managing director John Malone.Malone had told Money Marketing that following a series of interviews, PMS would be appointing his replacement in March, with him becom- ing chairman.It is thought former Acc- ord managing director Linda Will was recently offered the job by parent […]

Tax year-end planning for annual allowance

Last tax year-end there was a lot to think about in relation to planning. The introduction of the tapered annual allowance and the implications of moving to a fixed pension input period, the reduction in the lifetime allowance and potentially applying for protection, and the concern about changes to tax relief, to name a few. […]


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