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Fidelity says review could kill off half of advisers

Fidelity believes that the retail distribution review could squeeze out almost half of advice firms.

Fidelity surveyed 500 advisers firms and found that 44 per cent say they will become general financial advisers in the new regime.

But head of IFA business Peter Hicks says GFAs face the two-way threat of professional financial planners attracting most of the business of high-net-worth clients while bancassurers target lower earners.

Hicks says: “The risk for general financial planners is that they may simply be squeezed out of the market. Fee-based firms would be the natural selection of high-net-worth investors and the banks may well concentrate on the mass market. General practitioners could find themselves between a rock and a hard place.

“It would be a travesty for these advisers if they were forced out of business as a result of these changes.”

Capital Asset Management managing director Alan Smith says: “It is clear from the FSA’s agenda that they want to upscale financial advice to end up with a small but elite group of financial advisers that focus on fees and away from commission and that are highly qualified while the rest of the market will be dominated by banks and building societies.”



Crunch time for sub-prime sector

DB Mortgages has withdrawn its entire sub-prime product range from the market in what could be seen as the first major sign of a credit crunch in the UK market following the deepening US sub-prime crisis.

Royal and rugby great in Artemis Challenge at Skandia Cowes Week

Artemis Investment Management has confirmed that Lady Gabriella Windsor and Will Greenwood MBE will participate in Skandia Cowes Week’s Artemis Challenge on Tuesday. The inaugural charity race has attracted a blend of royalty and rugby for the 50-mile sprint around the Isle of Wight in a fleet of Open 60s, the Formula One yachts of […]

BBA’s Angela Knight says FSCS “olive branch” is not enough

British Bankers’ Association chief executive Angela Knight has hit out at the FSA over its latest Financial Services Compensation Scheme reform announcement claiming the regulator has failed to address all her concerns.The FSA has changed some of its proposals to radically reform the FSCS by dropping plans for wholesale firms to contribute in a general […]

Bowes warns of dangers in plan for Isa equity switch

AWD Chase de Vere says the Government is being “duplicitous” with its Isa reforms and risks massive consumer detriment by not allowing a switch back from shares to cash.Investments manager Anna Bowes says the danger in the reforms, laid down last week, is that people are much more likely to take advantage of the move […]

Global energy: positioning for a recovery in the oil price Š

Richard Hulf explains how he and John Dodd have positioned the Artemis Global Energy Fund and where they are finding opportunities. Richard explains how he and John are changing the complexion of the fund to focus on the most efficient oil producers. As he tells journalist Alexis Xydias, in this environment of lower prices, he […]


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