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Flight says FSA trying to squeeze out IFAs

The FSA’s retail distribution review risks causing severe consumer detriment by trying to squeeze mid-market IFAs out of the equation, says former Tory Shadow minister Howard Flight.

The ex-Shadow Treasury Chief Secretary says mid-market advisers have been the “stable backbone” of financial services over the last 20 years. He says it appears from the RDR that the FSA has decided it is too much hard work to regulate a large number of small adviser firms so it is looking for ways to “do away with many of them” through changes to remuneration, qualifications and capital adequacy requirements.

He says in his time in a variety of Shadow financial ministerial positions and as deputy party chairman from 1999 o 2005, he has seen IFAs as offering the best service standards in the retail market.

Flight says: “IFAs have proved time and again that they can be relied upon by consumers more than the providers and the big banks and they have been the stable backbone of the retail market. Any policy that risks this section of the market would be very dangerous for the industry and the consumer.”


CML reports record lending in July

Gross mortgage lending reached its highest ever figure for July last month, totalling £34.4bn, says the Council of Mortgage Lenders.This figure was down 1 per cent on the figure for June, which totalled £34.85bn, but it was 13 per cent higher than the June figure for 2006, which was £30.6bn. The CML says mortgage lending […]

Burdett and Potter aim to focus

Thames River multi-manager pair Gary Potter and Robert Burdett have vowed to avoid gimmicks and focus on running demand-led products.The former Credit Suisse managers started at Thames River last week and will soft-launch five core funds on September 10, before going fully live to the markets on October 1.Three of the five initial funds will […]

Burns-Anderson launches adviser profit calculator

Burns-Anderson has launched an adviser profit calculator, designed to determine advisers’ contribution to firm’s income and overall profitability.B-A says the idea was prompted by one of its members, looking for a tool to reckon the salary and bonuses he should offer a prospective recruit. Head of marketing Adrian Lewis says first-rate advisers deserve premium rates […]

Graphic content – December; the countries most exposed to a rise in protectionism

President-elect Trump has suggested withdrawing from the North American Free Trade Agreement (NAFTA) and ending negotiations over the Trans-Pacific Partnership (TPP), albeit there is considerable uncertainty over what he will, or even can, do. If one of the main consequences of the election of Donald Trump is US protectionism, it’s worth considering who stands to […]


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