The Sunday Group believes depolarised hybrid business models for advisers are flawed and will lead to future claims against firms.Sunday managing director Dermod Atkinson says intermediaries wearing multiple hats risk having claims laid against them in the future due to difficulties accounting for what advice has been given. He says advisers giving independent advice through some aspects of their business while giving tied, multi-tied or whole of market to others could lead to future claims. However, the Financial Ombudsman Service says that as long as the consumer is aware of the terms under which they receive the advice there should be little concern. The FSA says firms must have adequate systems and controls in place to minimise their risk of claims. Sunday managing director Dermod Atkinson says: “If an adviser wears several hats when advising different clients, in years to come it will be very difficult for them to remember exactly which hat he was wearing for which product at what time. It is a huge risk area for the future.” But FOS spokeswoman Emma Parker says: “We do not see this as a huge area. If anything, this flags that advisers must make it absolutely clear under which basis their clients are getting the advice.”
Cheltenham & Gloucester
Two Year Premium Fixed Rate
Legal & General has been appointed to Park Row’s mortgage protection panel, bringing the total number of product providers on the panel to 12. L&G previously missed out on gaining a place due to concerns from Park Row on its service proposition that have since been rectified.
Stockport-based Cullen Financial Planning is set for further expansion after signing an agency agreement to acquire the clients and business of Rochdale firm, MoneyPlan Financial Services. The deal will see the transfer of over 1,000 corporate and private clients into the Cullen portfolio and raise its turnover to over 2.5m.
Norwich Union Direct is celebrating its 10th birthday today having set up its direct insurance arm on August 8, 1995. The firm was first established in Sheffield, selling motor and home insurance with 300 staff – NU Direct now employs over 4000 staff across eight customer centres.It now offers travel, breakdown cover, life cover, home […]
By Steve Webb, director of policy and external communications The ninth Royal London Policy Paper discusses how thousands of mothers are missing out on state pension rights when they don’t have to Earlier this month we published the ninth Royal London Policy Paper, entitled ‘Mothers Missing out on Millions’. It focuses on the thousands of mothers […]
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
Lawyers who represent investors against Berkeley Burke over allegations of mis-sold Sipps estimate more than 1,000 claims could be in the pipeline. The High Court has approved a group litigation order relating to claims against Berkeley Burke Sipp Administration, and those affected have until 23 July 2018 to register to join the group action. It […]
Do not be spooked by recent falls. The bull market has further to run. Stockmarkets have been thriving in the not-too-hot, not-too-cold “Goldilocks” backdrop of the last few years. Growth has been strong enough to boost profits, and inflation low enough to keep central bank policy loose. Recent stockmarket weakness is centred on signs that […]
The FCA continues to engage with the asset management industry on new European regulations as questions remain over how firms should report costs and charges. After over a month since Mifid II and Priips came into force, concerns have been raised on how fund fees, in particular transaction costs, should be calculated under the two […]