View more on these topics

Fragmentation fears over LIA&#39s plans for another quality mark

LIA proposals to introduce two quality marks for tied and independent advisers have been criticised by rival trade bodies which claim it could “muddy the waters”.

The LIA unveiled the quality marks, Accredited Fin-ancial Adviser and Accredited Independent Financial Adviser with identical logos except for the insertion of the word independent last week.

But IFAs and providers question the move, claiming it will lead to fragmentation in the market unless the LIA fully consults with rival trade bodies such as Sofa and the IFP. They are also concerned that the independent acronym is identical to that of Aifa.

The LIA says it will look for funding from providers to support the accreditation. Norwich Union says while it supports raising standards, the plan could lead to further fragmentation as it does not consider the wider IFA community.

Aifa director general Paul Smee says he is looking for clear differentiation between the proposed accreditation for independent advisers and Aifa as it may cause confusion. Smee says: “The two standards may muddy the waters and I will be fighting the corner for clear differentiation between the accreditation and my association.”

LIA public affairs director John Ellis says: “We originally suggested one Accredited Financial Adviser standard but Aifa wanted independence recognised. There will be a consumer panel for the accreditation and clients with a concern can raise this.”

Syndaxi Financial Planning director Robert Reid says: “The LIA should go back to the drawing board as any quality standard needs client input on the quality of advice and service.”


Investment seminars free with Killik & Co

Private client stockbroker Killik & Co is planning a series of free investment seminars, with the first one to be held in London on November 26.The seminars are aimed at private investors who want to find out more about current market conditions and how they affect their investments.Partners Paul Kavanagh and Justin Urquhart Stewart are […]

Severn could be hero or villain on polarisation

As the regulator respon-sible for leading the review of polarisation for the FSA, head of conduct of business David Severn has the potential to become either a champion of IFAs or be demon-ised as the man who scrapped the regime.It is not an easy decision that Severn must make over the next few months.The FSA […]

Account switch could save £4,000

Britons are getting little or no return for staying with their current account provider, with many only earning £1 in int-erest each year, accordingto Virgin One.The flexible loan specialist claims a typical UK worker with a salary of £21,382 could be saving almost £4,000 in mortgage interest if they offset their wages against their loan.If […]

Skipton Building Society – 5 Year Capped Plus 0.6 Per Cent Discount

Tuesday, November 13, 2001.Type: Flexible capped rate discount mortgage. Discounted term: Two years.Discount: 0.6 per cent.Capped rate: 6.65 per cent.Capped term: Until January 31, 2007.Minimum loan: £5,000.Maximum loan: Up to 95 per cent of valuation subject to nomaximum.Income multiples: 3.5 times principal income plus second or 2.75times joint. First time buyers 3.25 times principal income […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm