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End the loose talk on 1% world, says Hunt

Aifa chairman Lord Hunt of the Wirral has demanded the industry stop its loose talk of the 1 per cent world, saying it is little more than a slogan.

He also warned that changes to polarisation could see the industry revert to sales-based and not advice-based behaviour and provoke a scramble for distribution.

Introducing Ron Sandler, he described him as “a man who listens” and said fears that he would be a hanging judge were unfounded. Hunt also praised IFAs for starting the transition from up-front indemnity to trail commission.

Lord Hunt also said it was inevitable to mention the “p” word of polarisation and made a plea for reviews of the regime to consider the “consequence of disrupting the market for advice”.

He said: “Head away from loose talk of the 1 per cent world which is little more than a slogan, and replace it with a more realistic approach based on what it costs to pay for advice and products which reflects their cost and value, not some arbitrary figure.

“Polarisation is understood by consumers so do not throw the whole lot back into the melting pot. The focus must not move from getting advice to those who need it to a scramble for distribution. The many positive developments in the marketplace should not be lost in a reversion to sales-based, not advice based, behaviour.”


Edinburgh Portfolio appoints investment head

Edinburgh Fund Managers has appointed Mark Harris as the new head of investment management for its multi-manager business, Edinburgh Portfolio. Harris joins Edinburgh Portfolio from HSBC Asset Management where he had worked in the funds of funds business since 1995, and was responsible for around £600m of assets. Prior to HSBC he worked at Schroders […]

Bupa provides flexible protection

Bupa has jumped on the cafeteria-style bandwagon with the introduction of flexible financial protection.The product is aimed at clients who are looking for a protection policy that allows them to cherry-pick the various options, depending on what they want and what they feel they can afford as their circumstances change.The options available from flexible financial […]

UCB Home Loans – 2 Year Discount

Thursday, November 22, 2001.Type: Discounted rate self-certification mortgage.Discounted term: Two years.Discount: 1.65 per cent.Payable rate: 5.44 per cent.Minimum loan: £25,000.Maximum loan: Loans of up to 50 per cent of valuation subject to amaximum of £750,000, 51-70 per cent subject to a maximum of£500,000, 71-80 per cent subject to a maximum of £300,000, 81-85per cent subject […]

Dresdner says investors will win in the long term

Stockmarkets will recover from the current falls following the World Trade Centre attacks and investing for the long term will pay off, says Dresdner RCM Global Investors. Seth Reicher, manager of Dresdner&#39s AAA-rated North American trust, says markets have always recovered from past crises. He says markets will recover and continue to grow over the […]


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