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Cummings hopes RDR does not distract from FSCS reform

Aifa has published its response to the FSA’s consultation paper on the reform of the funding of the Financial Services Compensation Scheme.

Aifa director general Chris Cummings says the compensation scheme is a vital regulatory safety net that helps maintain consumer confidence in the financial services industry, but it is in need of urgent reform if it is to continue to deliver its objectives.

He says: “The FSA carried out a particularly thorough root and branch analysis of the options available before producing their radical proposals for reform. AIFA supports the principles behind those proposals. If implemented, we believe the FSA’s reforms will produce a fairer, robust and sustainable scheme that recognises mutual financial interest and the responsibilities of all parties.

“The current scheme is inequitable because it fails to apportion costs fairly to those firms which have profited from the business. This places a disproportionate burden on the IFA sector which risks further defaults and therefore makes the current basis unsustainable. Had the principle of mutual financial interest been in place from day one a completely different economic model would now exist.

”I hope the FSA maintains its momentum for change and remains on track to meet its April 2008 implementation deadline. The last thing we need now is for the regulator to be sidetracked by the retail distribution review and slow down the introduction of the new compensation scheme.”


Yorkshire Building Society to launch into 115 per cent mortgage market

Yorkshire Building Society is expected to announce details of the launch of a 115 per cent mortgage product aimed at first-time buyers next week.This follows Abbey’s move to re-enter the 100 per cent market this month which saw it launch four fixed rate mortgages and one tracker mortgage, all available to 100 per cent, from […]

New wave of products is on the way

The fund of hedge legislation will spark a flurry of new products hitting the investment market as most current products would still fall outside the current remit.New Star director Ravi Anand believes that master/ feeder amalgamated approach would make the most sense as it would allow clients to invest 75 per cent of the regulated […]

First insurer signs up for Lifequote system

LV= has signed a deal to use Lifequote’s Intelligent Protection software in its advisory arm.More than 100 advisers, including Skipton and Dunfermline building societies, Alexander Hall and John Charcol, use Intelligent Protection but this is the first time a life office has taken it up.Intelligent Protection allows advisers to tailor a protection plan to a […]

Broker Talkback

Are you threatened by Barclays’ claim that they are going to steal your business? No 100% Yes 0% No “I’ve heard this all before. Abbey Wealth Management were the last to do this with Inscape Investment Services and where is that now.”Rob Simpson, Simpson Financial Services No “I’m not worried at all. There’s too much […]

Neptune video: Indian valuations and Modi’s pro-investment agenda

Kunal Desai, Head of Indian Equities, discusses his expectations for the Indian market and highlights the key indicators that he is watching for 2015.

In the video, Kunal addresses:

• Indian equity valuations and the importance of stock selection in gaining exposure to the earnings upgrade cycle

• The BJP’s strengthening ambition in its pro-reform, pro-investment agenda


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