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Fears over quality of adviser influx

Lifesearch says it is concerned there will be an influx of poor quality advisers in the protection market when the RDR comes into force and has urged providers to be careful which advisers they deal with.

Chief executive Tom Baigrie fears unscrupulous advisers will try to take advantage of the fact protection is not covered under the RDR and capitalise on the greater demand for advice that is expected once gender neutral pricing is introduced.

Speaking at the Lifesearch protection awards in London last week, Baigrie said: “What we fear is that with the RDR approaching and premiums set to rise, our market will attract many new starters and a lot of them will be of a very low quality. We fear provider eagerness to maintain market share will accelerate the already endemic granting of agencies to frankly dodgy distributors, who are thus allowed to sell great brands and good products awfully.

“A client ripped off by one of these will hate our industry and possibly your brand forever. You have to stop the laissez-faire approach to the quality of distribution and the granting of new agencies.”

Axxis Financial Planning director Owen Wintersgill says: “I do not think there will be an influx of questionable advisers. The vast majority of protection cases are linked with mortgages and I think a lot of advisers will be put off by the fact that brokers are struggling at the moment.”


Ashby to run Ignis income

Ignis Asset Management has recruited former LV= head of UK equities Graham Ashby to run its £90.6m UK equity income fund. Ashby will replace current manager Martin Brown this week. Brown is set to leave Ignis later in the year. Last month, the portfolio was placed on Principal Investment Management’s Black List of consistent underperformers. […]

‘We don’t have crystal ball,’ admits S&P chief

Standard and Poor’s has warned that ratings do not provide “a perfect crystal ball”. S&P managing director and head of financial services ratings Dominic Crawley said ratings are “opinions” which should feed into investment decisions, not dictate them. He said: “There is no guarantee we would not miss something in the future, we do not […]

Is it time to throw caution to the wind?

Recent rounds of quantitative easing by the Bank of England and the European Central Bank’s long-term refinancing operations mean the case for a risk-on trade may be growing. With central banks maintaining their use of extraordinary monetary policy to avert recession or, worse, a deflationary spiral, the value of a cautious stance may continue to […]

Ex-Lighthouse chief Rosengren joins Rowan Dartington

Rowan Dartington has appointed former Lighthouse joint chief executive Allan Rosengren as relationship development director with its discretionary management service Signature. Rosengren left Lighthouse last October. He founded Falcon Group in 1983 and joined the Lighthouse board as chief executive following the merger of Lighthouse and Falcon parent company Sumus in 2008. Lighthouse results for […]


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