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City Assurance sets up white-label wrap deal

City Assurance is offeringa white-label wrap service through Seven Investment Management’s Tethys platform.

The Surrey-based adviser says the launch comes after two years of research and due diligence.

It says it is now concen-trating on offering finan-cial advice to clients on a transparent fee basis.

City Assurance private clients director Philip Warren says the firm was “fed up with the current inertia and complacency” of the financial services industry.

He says that the company has weaned itself off the insurance company comm-ission practices of the past.

Warren says: “Such practices have led in the past to much of the misselling scandals that have landedthe financial services sector in such hot water.”

City Assurance says it has redesigned its business by moving away from sales commission, aligning its investment business income to that of the client. The company was established in 1960 and has attracted nearly £100m of funds under management.

The company says it intends to move funds under management to the new City Wrap and wants to target other firms’ funds with aview to moving them intothe wrap as well.

Tethys is an internet-based service from 7IM which provides data downloads, account opening, an online dealing facility and model portfolios.

7IM director Justin Urquhart Stewart says the agreement is the first of its kind with a firm with a major background in insurance.

He says: ” I believe their disciplined approach to their business development and structure will be a modelfor others to follow.”


Schroders in cautious version of maximiser

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Shame 100% LTVs have gone, says Jonathan Cornell

Pulling 100 per cent mortgages will harm the already-fragile UK housing market, says Hamptons managing director Jonathan Cornell.He says all the lenders pulling out of this market, lastly with BM Solutions’ announcement this morning, often denies first-time buyers any hope of getting on the housing ladder. Cornell says: “It is a real shame to see […]

Do the maths

In my last few articles, I have been discussing the current performance of the major asset classes and speculating overthe future potential forasset allocation.


Death of Brian Cochrane

Champion of small advisers and former Fimbra board member Brian Cochrane has died aged 64 after a battlewith cancer. He began his career in the RAF but set up as an IFA in Falkirk in 1978. He was one of the creators of the ScottishIFA Association and became head of the Fimbra admiss-ions department in […]


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