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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


Regulator looks at risk management

The FSA is understood to have concerns about product providers&#39 approaches to risk assessment.It is known to have concerns that many providers are too reactive to risk and should be implementing more proactive approaches to risk assessment such as risk modelling.Financial services consultants the Silent Partner believes providers need to focus on creating a better […]

Igroup set to take GE name in rebrand

Igroup is looking ahead to a possible rebrand using parent GE&#39s brand name in a bid to strengthen its position in the market.Head of communications Bob Sturges says igroup is looking at its opt-ions with a view to rebranding using the GE name within 18 months.He says indications from brokers show they would be keen […]

Investors ignore effect of inflation

Many savers fail to get the best rate of return because they do not take into account tax and inflation, says National Savings & Investments.Its research shows that while most people acknowledge that £1,000 buys less than it did a decade ago, 74 per cent of savers do not consider inflation, currently 3.1 per cent, […]

Direct Protect attracts 1000 members

Berkeley Berry Birch subsidiary Direct Protect has attracted one thousand members since its launch a year ago. Direct Protect offers term life insurance, critical illness cover, mortgage protection, PHI and general insurance products. Chief executive Don Allan says: “We are totally committed to becoming Britain&#39s most successful protection network. There will always be a place […]

Industry under fire over pension freedoms

By Jamie Clark, Business Development Manager, Royal London Recent articles in the media have raised concerns about the new pension freedoms. One perceived problem is that across the industry, trustees and providers are not necessarily allowing people to take full advantage of the pension freedoms in situ. This is backed up by a recent survey by […]


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