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Don&#39t use client money to prop up loss-making IFAs

With regard to the article headlined, Master Adviser drops Invesco for Millfield investment (Money Marketing, August 28), I fully concur with Douglas Brodie&#39s concerns regarding the investment decision by Invesco to plough £10.5m into Millfield.

Insurance companies and investment houses using their own money to buy out or prop up parts of their distribution network is one thing but using client money under the guise of rational investment management should attract close scrutiny.

As for Millfield Group chief executive Paul Tebbutt&#39s comments, it is one thing believing in the IFA sector and a completely different thing believing in the prospects of big distribution IFAs that report losses year on year, such as Lamensdorf, Towry Law and RJ Temple.

What the industry needs is a more sceptical approach such as that adopted by Mr Brodie, in which advisers who wish to act in the best interests of their clients question decisions like this by Invesco.

Ian Lowes Managing director, Lowes,Newcastle upon Tyne

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