View more on these topics

Cummings warns on policing problems

Aifa director general Chris Cummings says providers checking the quality of advice could lead to confusion over responsibility for misselling.

He says it would also result in providers’ second-guessing IFA decisions and lead to problems with the Data Protection Act if providers want evidence to back advisers’ decisions.

Cummings says providers take greater responsibility for quality of products and communication to advisers but says the FSA’s suggestions could shift the balance too far.

He told the conference he would be “massively uncomfortable” if there were any suggestions that manufacturers should police distributors.

Cummings says: “We cannot get to a stage when providers have to assess the quality of each piece of advice when they have no access to the clients or the fact-find. Manufacturers will end up second-guessing advice given by IFAs. I do not think providers have the skills, experience or appetite to do this. If a provider sanctions the advice given, then who does the client complain about if that advice proves to be wrong?”

IFA Defence Union chief Evan Owen says: “I have no faith in providers knowing what constitutes good or bad advice. It is even more difficult for the FSA to justify why it is paid so much when it is devolving so much responsibility to the industry.”


Public sector liability stands at 1,025bn

The true size of the UK’s public sector liability has risen to 1,025bn, according to a report by the Institute of Economic Affairs.

House prices on the up again, says Nationwide

House prices increased by 1.3 per cent in September, bringing the annual rate to 8.2 per cent, according to Nationwide.It says strong demand from landlords has helped support the marketNationwide group economist Fionnuala Earley says: “Just like the weather, the housing market was unseasonably warm in September as August’s interest rate hike did nothing to […]

Leeds offers 5-year fixed BTL range

Leeds Building Society has launched a five-year fixed rate buy-to-let mortgage range with fee free options for those looking to remortgage their portfolio. The five-year fixed BTL mortgage provides a rate of 5.24 per cent and the fee free version offers 5.84 per cent. Both products are available up to 80 per cent LTV, with […]

Contractual conundrum

Advising on contracting out has become a real burden

Inheritance tax when it is relevant

Neil Jones is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. A trust can offer significant advantages when an individual is […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm