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Confusion over status of Network 300 firms

Network 300 members who sign up with Thinc are being offered the choice of joining its multi-tie operation, mortgage arm or becoming a fee-based financial planner.

To date, none of the 287 RIs in the network has made a decision on whether to join Thinc. Advisers can join Thinc Financial Planning until general insurance regulation starts on January 15 for their pipe-line business, after which they must elect one of the three options. Those who want to operate in the loan market can join Thinc Mortgage Solutions.

But some members are confused as to where they stand on authorisation. Once the FSA removes authorisation from Network 300, a member transacting new business will lose authorisation unless they are signed up to Thinc or another operation.

LIA head of public affairs John Ellis says: “The FSA needs to make it clear the authorisation status or lack of it, otherwise some will be trading illegally. They are des-perate for some guidance.”

Thinc chief operating officer Simon Chamberlain says: “Our models have been very clear and from January 15, everyone has to make a decision as to which option they take if they want to stay with us.”


Govt data shows cooling in house market

Figures from the Office of the Deputy Prime Minister show that house price inflation fell from 14.3 per cent in July to 13.6 per cent in August. The average house price was £179,486, up from £177,474 in July – a rise of only 1.12 per cent on the previous month compared with 1.8 per cent […]

Commentary – Peter Hayles

T here has been much talk about stakeholder pensions since their launch in April 2001. Much of this has focused on the 1 per cent price cap and the effect this has had on the product, sales and its distribution. Norwich Union&#39s position on price caps is clear. We do not support the principles of […]

Zurich set to move into IFA protection market

Zurich is planning to enter the IFA protection market early next year. It is understood to be focusing its relaunch on a small number of IFAs and will increase roll-out over 2005. Protection development at Zurich will be headed by protection development manager Gerry Warner, formerly of Standard Life. Features believed to be included in […]

Supermarts pose bigger threat than the banks

Supermarkets could be more of a threat to IFAs than banks after depolarisation, warn marketing experts. Although high-street banks such as Barclays are already gearing themselves up to operate in a multi-tie environment, Sesame marketing director Stewart Gitsham said: “I think we should feel more threatened by brands like Tesco rather than the banks.” Gitsham […]


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