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‘Champion of independence’ SimplyBiz shuns restricted route

SimplyBiz says many nationals and networks may be forced to become restricted advisers but the support service firm will continue to champion independent advice.

Research conducted by SimplyBiz in March suggests only 3 per cent of the firm’s 5,000 adviser members want to offer restricted advice. It believes that remaining independent after the RDR will not be as challenging as some predict.

Chairman Ken Davy says many nationals and networks could be forced into taking the restricted advice route after the RDR but his members are set on remaining independent.

He says: “We are determined to nail the myth that IFAs are not bothered about what type of advice they give. Restricted advice will mean more expensive products and less choice. We want to make sure that all our advisers have the right tools to offer independent advice.”

The firm is offering its advisers a series of free tools to help them remain independent after the RDR, including risk modelling software, analysis of holdings, budget planning tools, structured product research and passive investment research.

Managing director Matthew Timmins says: “Remaining independent will be difficult for the big nationals and networks and for commercial reasons they have a vested interest in restricted advice.

“Our commitment is that for those firms that want to continue advising their clients in an unrestricted way, we will ensure that they are able to do so in the most efficient way.”

KS Barrett and Associates proprietor Kim Barrett says: “It is very contrite for SimplyBiz to hail itself as the champion of independent advice. To my knowledge, there are many firms which are champions of independent advice.

“It is all well and good having independent advisers that are QCF level four educated with great tariffs but if the client is not prepared to pay for the service, then what is the point?”


No fears at Santander departures

Brokers hope the raft of executive level resignations at Santander will not hamper the bank or affect its service to customers and intermediaries. Last week, chief credit officer Iain Laing, who has been with the Spanish bank for six years, announced he is joining Nationwide as its chief risk officer.Executive director for retail distribution and […]

Polar Capital poised to unveil financials fund

Polar Capital plans to launch a fund investing in global financial stocks and may also alter its European financials fund following its acquisition of Him Capital, a specialist financials investor. The new Polar Capital financial opportunities fund will be managed by John Yakas and regulated under the European Union Ucits III funds directive. Yakas, who […]

Blunder sees 83,000 Co-op customer details put online

A subsidiary of The Co-operative Group has been forced to issue an apology after an error led to data relating to 83,000 customers being published online, Money Marketing can reveal. The data related to funeral planning products offered by Co-operative Life Planning, which trades under the name The Co-operative Wills and Funeral Planning. An error […]


Case study: administration — managing group life schemes

Our client leads the global market in high-tech electronics manufacturing and digital media. The trustees of the company’s final salary pension scheme insure death-in-service lump sum and dependants’ pension death benefits for active employees, as well as dependants’ pension benefits for deferred members (those who have left service).


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