View more on these topics

Davy keeps pressing for product levy

Simply Biz chairman Ken Davy has reiterated his call for the FSCS to be replaced with a product levy, saying a levy would not be detrimental to consumers.

But the FSA says a levy is wrong because compensation should come from the industry.

Davy wrote to the FSA recently, pushing for a levy. FSA sector leader, retail intermediaries David Kenmir responded to Davy, saying there are no immediate plans to change the operation of the compensation scheme, funded by the industry. He is concerned that a levy would see consumers paying for claims.

Davy says a levy would apply to all products covered by the FOS and would be applied to all providers distributing one or more products via IFAs. He says contributions would be calculated through their share of the IFA market and it would be up to the providers to determine how they meet levy costs, for example, by costing it into products or reducing commission to IFAs.

Aifa has written to the ABI, asking if it would be feasible to implement a product levy.

Davy says: “A product levy would bring no consumer detriment while being seen to be fair to all concerned.


Getting the right mix

What key ingredients make up a good provider proposition in the protection arena – what has a provider got to get right if it is to be successful in this market?

Investec preserves its energy

Investec Asset Management has created an onshore version of its offshore global energy fund in response to IFA demand for a Ucits-qualifying fund in this sector.

Straight-through savings

Protection providers are wasting around £180m by not using straight-through processing, according to a study by Marlborough Stirling.

Platinum groups funds together for hedge fund of funds

Platinum Capital Management has established Platinum portfolio, a multi-manager hedge fund of funds that invests in six of the company’s hedge funds, one of which is also a hedge fund of funds.The six underlying Platinum funds are managed by companies including US-based Washington Asset Management, Shanghai-based Dynasty Asset Management and London-based City Fund Management. Together, […]


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