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Fight FSA plan to cut small firms

Thank you Lorna Bourke for your assessment (Money Marketing, March 28) of what might be the real reason behind CP121, namely a desire by the FSA to, in effect, cut down the number of small independent IFA firms in the UK and thus simplify the FSA&#39s burden of regulatory supervision.

IFA firms should note that the FSA is already on record as saying that a lack of response from the IFA sector will be taken as a tacit acceptance of the CP121 proposals.

Every IFA firm should be preparing a reasoned response to submit to the FSA. Don&#39t leave it to someone else -do it now.

There is no shortage now of comment in Money Marketing and you need to consider carefully how CP121 will affect your own business and your existing client base.

While you are in letter-writing mode, perhaps you should also consider penning a letter to your favourite pension company to express your concerns about the spread of the 1 per cent charge to other more complex pension products that require more advice and expertise than a simple stakeholder pension – and to your favourite with-profits provider to ask why they are not being more proactive in publicly defending the with-profits concept?

The IFA community has its back to the wall as never before and needs to be proactive to ensure that the current concerns are well voiced.

Name and address supplied


Pinnacle Insurance – Optident

Thursday, March 7, 2002Type: Healthcare cash planMinimum premium: £6.50 a month, £78 a yearMinimum-maximum ages: 18-80Maximum benefit: Optical £370, dental £500, accidental dental£10,000, emergency dental £600, eye test £20Deferred period: Six monthsCommission: Subject to negotiationTel: 020 8731 3687

Moore&#39s code

FRS17 sounds like one of those rather sinister abbreviations scientists are fond of using when they talk about nasty new strains of bacteria.In fact it is a new accounting standard which forces companies to declare shortfalls in final-salary pension schemes on their balance sheets. But the effect it is having on those schemes is rather […]

Julian Gibbs

Eurolife has come up with an excellent Dublin-based income and growth plan offering 10 per cent a year over five years or a monthly income of 0.8 per cent. It is called the Investment Plus Plan.With interest rates likely to remain at low levels, this return is outstanding, especially as the downside risk is extremely […]

Tax-efficient keyperson cover

Tax efficiency is possibly one of the most frequently used phrases in the industry and one that regularly forms the cornerstone of recommendations presented to our customers.In the same way, reference is often made in corporate protection planning to the “tax efficiency” of particular recommendations being made.A major sector of the corporate protection market is […]

Stop the cold-calling

Royal London is pleased to support the petition calling for a ban on cold-calling for pension and investment products. The petition, launched by IFA Darren Cooke of Red Circle Financial Planning and hosted on the Parliamentary website, calls on the Government to ban cold-calling for pensions and investment products. A similar ban is already in force […]


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