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Cummings’ fears have been allayed

Outgoing Aifa director general Chris Cummings says he had misgivings over the use of platforms, fearing their take-up would lead to generic systems being forced on advisers.

He said these worries were the catalyst for producing the Aifa guide and believes his concerns have now been addressed.

He likened the emergence of the UK platform market to the introduction of the FSA’s treating customers fairly initiative.

Cummings said that the TCF principles were seized on by compliance consultants who approached IFAs promising “a TCF solution in a box” but the FSA ultimately decided it was up to individual firms to make their business compliant.

He said: “My big fear was generic solutions would be presented to individual firms who needed a bespoke and tailored solution. This is notnecessarily about choosing a single wrap platform, it is about advisers making the right selection for them, whether that is having two or three platforms if that is right for their business.”


Seconds out for hourly fees

Lee Jones reports that a debate is raging over fee-charging methods after an emerging trend in the legal sector that has seen solicitors forced to switch from their traditional ways


Sesame senior management hires ahead of platform launch

Sesame Bankhall Group has recruited Intrinsic and Positive Solutions directors as part of a senior management reshuffle as the firm looks to set up its own investment platform. This week’s Money Marketing reveals the move which will see the platform developed in partnership with another company and unveiled later this year. The group has created […]

Government launches social bond

The Ministry of Justice and Social Finance has launched the world’s first social impact bond for investment in improved social incomes. The first bond pilot has been officially launched today and will fund social organisations working to reduce re-offending rates of short sentence male prisoners leaving Peterborough Prison. The Ministry of Justice has agreed to […]


Natixis Global Asset Management’s quarterly Portfolio Barometer offers insights into UK financial advisers’ model portfolios and the allocation decisions they are making. Natixis’s Portfolio Research & Consulting Group works with financial advisers and other intermediaries to analyse and enhance their model portfolios and help them develop investor portfolios suited to today’s complex markets. The Portfolio […]


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