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Editor’s comment of the week

For the record

Online response to last week’s comment piece from Money Advice Service chairman Gerard Lamos

The Money Advice Service sent someone out to talk to our local chamber of commerce. The bloke said to employers and I quote: “Don’t bother with IFAs, they charge you and may rip you off – we are free.”

I had planned to stay silent but decided to ask a fairly basic pension question and the bloke did not have a clue. My observation that it seems you get what you pay for got a very good laugh.

I wrote to MAS to complain and the statement was denied. I wish I had taped it and will next time. If you hear MAS is out and about near you, show up with a recorder.

Simon Webster


Execution-only firms face £20m costs over rebates

The biggest execution-only platforms are facing up to £20m in costs to comply with the FSA’s latest proposals to ban fund manager and cash rebates. The FSA published its latest consultation paper on the platform market last week. It confirmed plans to ban fund manager rebates and cash rebates, which would apply to both advised […]


Honister Capital goes into administration

Honister Capital has gone into administration after it failed to secure professional indemnity insurance. Grant Thornton has been appointed administrator for the group, which includes advisory firms Burns Anderson, Sage Financial and Honister Partners and its subsidiary B-A Financial Limited. Honister Capital has over 900 self-employed financial advisors across the brands and 190 back office […]

‘Most platforms are not remotely interested in the unit rebate model’

Experts have questioned whether the regulator’s plan to allow unit rebates instead of cash rebates will work in practice. The FSA’s latest consultation paper on platforms confirmed plans to ban fund manager and cash rebates for both advised and execution-only platforms. The FSA is also consulting on whether the rebate ban should apply to firms […]


Govt urges providers to develop ‘affordable’ guaranteed products

Pensions minister Steve Webb will today urge providers to develop pension products with “affordable” guarantees as the Government attempts to reinvigorate occupational saving. In April this year, Webb (pictured) set out his vision for “defined ambition” occupational schemes. The minister said he wants to encourage employers to share some of the risks and uncertainties of […]


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