View more on these topics

FSA adviser fees may go up to weed out the “rogues”, says regulator

There is likely to be a short term increase in FSA adviser fees to get rid of the “rogues” that are currently in the market, says the FSA.

Speaking at the PFS conference in Birmingham today, director of small firms Stephen Bland said the FSA is increasing small firm supervision which he says will lead to a “shake out” in the industry as it moves towards higher standards.

He says this extra supervision is likely to result in an increase in adviser fees to cover the costs of this extra work.

But he said in the longer term advisers, particularly small firms, will benefit through the changes in the retail distribution review which he believes will lead to lower Financial Ombudsman Service and Financial Services Compensation Scheme costs for advisers.

Addressing fears that the RDR will squeeze out small firms Bland said he expected a healthy and thriving small firms community as a result of the changes.

Bland said: “We want to get rid of the rogues in the market and provide help for the vast majority of firms wanting to do the right thing. There will be a bit of a shake out as we move towards higher standards in the IFA industry. There will be a short term rise in direct FSA costs but overall the package should go down and I have every confidence there will be a healthy community going forward.”


Buckley picked as Swip chief executive

Scottish Widows Investment Partnership has appointed Dean Buckley as its new chief executive. Buckley joins from HSBC in January. Swip has recruited Winterthur investment distribution head Bernard Henhall as sales director for the new fund of funds team.

Just Retirement links up with Lighthouse Group

Just Retirement’s equity release advice arm Just Retirement Solutions has entered into an agreement with Lighthouse Group.Lighthouse advisers can choose to refer equity release opportunities to JRS, which will manage the request by directly providing the customer with advice on the most appropriate equity release product.Lighthouse advisers already advise on Just Retirement’s annuity and equity […]

Northern Rock’s debt balloons by a further £2bn as deadline for proposals looms

Northern Rock is believed to have borrowed a further £2bn from the Bank of England, according to the Bank’s latest accounts.This now brings up the total figure that Northern Rock has borrowed to around £25bn.The news comes as today’s deadline looms for indicative proposals for Northern Rock.Preliminary bid proposals are due today from JC Flowers, […]


Guide: how to change your auto-enrolment support

As we approach the two-year milestone of auto-enrolment, employers have had the opportunity to truly assess the capabilities of their chosen support. They are also now realising that getting to the staging date was the easy part, and that support is required for almost every aspect of the day to day running of their scheme. With the three-year re-enrolment window coinciding for many with the total removal of commission and Active Member Discounts from pension-related products and services, as well as the introduction of the pension charge cap in April 2015, many employers will have no choice but to review their support options. But, what is involved in transitioning your auto-enrolment scheme away from your current support options? This guide from Johnson Fleming aims to outline some of these key areas and provide information and discussion points on what you need to consider.


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