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Davy dismissive of FSA &#39plot&#39 to oust small IFAs

DBS and SimplyBiz founder Ken Davy has hit out at Scottish Widows&#39 claim that the FSA is using the professional indemnity insurance crisis to push IFAs into consolidation.

Widows chief executive Archie Kane told Money Marketing last week that he believes the FSA is pushing IFAs towards consolidation by increasing the regulatory burden and through PI insurance.

But Davy says Kane is wrong about the future of small IFAs and rejects any suggestion that the FSA has a hidden agenda to get rid of them.

He says banks and product providers have wrongly forecast the death of the small IFA so many times that there should be no surprise at the latest comments from Widows.

Davy points out that the FSA has reduced the application form for direct regulation to 40 pages from about 240, making it easier for small firms to apply, as well as reducing the application fee for direct regulation to £1,500 from £2,000.

Davy says: “Given the past record of the strategic wisdom of many large institutions and the millions of pounds they have wasted on estate agencies, tied agencies and other failed strategies, we are very confident that small IFAs have an outstanding future ahead of them. Certainly, here at SimplyBiz we are happy to champion the cause of the small IFA.”


Scot Eq pension has it all

Scottish Equitable is targeting high-net-worth clients with the flexible pension plan. This is an individual personal pension with a difference as it has insured and self-invested options supported by a menu-based charging and commission structure. The pension is part of Scottish Equitable&#39s wealth management business proposition, which caters for the needs of professionals, the wealthier […]

&#39Budget changes will not affect ScotEq RIT&#39

Scottish Equitable says changes to the taxation of gifts with a reservation announced in the Budget will not affect the relaunch of its reserved interest trust. The company says the product is the first discounted gift trust to allow a choice in the way withdrawals from capital are made. The RIT allows investors to potentially […]

A woad off their minds

The Halifax traditionally provides a useful guide to upcoming events for journalists and The Diary is grateful for the help. It also points out special days such as Mother&#39s Day and Father&#39s Day. You may not have known this but April was National Home Improvement Month. Hold your head in shame if you did not […]

Bristol & West – 4.89% Easyflex Offset Capped Mortgage

Type: Capped-rate offset tracker mortgage Tracker term: Lifetime of loan Tracker rate: 0.89% above Bank of England base rate Payable rate: 4.89% Capped term: Until June 30, 2006 Capped rate: 5.89% Minimum loan: £25,001 Maximum loan: Up to 90% of valuation subject to a maximum of £500,000, up to 75% of valuation subject to a […]

Certification guide

Guide: how to… certify your pension scheme

Certification is highly complex and surrounded by a minefield of information and auto-enrolment jargon, which can make it very difficult to understand. However, for many employers it is a necessary process that must be executed successfully.


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