View more on these topics

Causing offence

I was absolutely fascinated by the letter from the “non-churning IFA”. It seems to me to be thoroughly unethical for so-called IFAs to take large chunks of commission on policies which are then going to be converted without penalty. In any event, I think it is obscene to take 5 per cent commission on the drawdown case plus, as many well-known firms do, a fee and trail as well.

As for the client urged to switch his SSAS, then the IFA paying half the £65,000 in commission to the client, that is illegal under Inland Revenue regulations as no commission generated from pensions is allowed to be repaid to a client under any circumstances, either with tax taken off or not.

What are these people thinking of? For those sort of sums, I would have thought that was the kind of offence that would warrant free board and and lodging at Her Majesty&#39s expense, preferably a very long time so the rest of us who act in an honest way can continue our businesses without taint. These sort of people also add to our very high PI premiums.

BGW Jamieson Jamieson Financial Management, Bognor Regis, West Sussex


Rationale thinking

I wrote in these pages last month about the need for the financial adviser sector to take ownership of its reputation by a determined effort to improve its practice and performance. Obviously, to take this forward, there would need to be organisation. The big question is whether any of the existing representational or educational bodies […]

Portman open to merger interest

Staffordshire Building Soc-iety&#39s acquisition by Portman Building Society could become the blueprint for future purchases as Portman seeks continued growth. Portman snapped up Staffordshire at the end of June. The deal is due to go before Staffordshire&#39s members at a special general meeting on September 22. Portman bought specialist lender Sun Bank from Sun Life […]

Co-operate to save the industry

I have recently started to question our future in relation to the increasing costs and the ability to obtain cover. If Inter-Alliance, RJ Temple, Millfield and Lamensdorf have closed or are losing money because of the downturn in the market and increasing procurement costs, what hope does that leave for the small and medium-size IFAs? […]

Out of context

•”He can&#39t come to the phone now – he&#39s on the internet.” – Inland Revenue receptionist on the unavailability of a press officer. •”They&#39re not anoraks, they are highly talented and skiled individuals who are also great company.” – Abbey National for Intermediaries press officer Christine McAllister on the company&#39s technical department. •”I will have […]

Mothers missing out on millions

By Steve Webb, director of policy and external communications The ninth Royal London Policy Paper discusses how thousands of mothers are missing out on state pension rights when they don’t have to Earlier this month we published the ninth Royal London Policy Paper, entitled ‘Mothers Missing out on Millions’. It focuses on the thousands of mothers […]


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