View more on these topics

FSA assurances on platforms

Platforms are potentially a good thing for financial planning businesses but there are some risks that need to be monitored, the FSA has told the IFP.

Spokesman for the retail policy division Rory Percival spoke at the IFP conference in Manchester last week and reassured advisers that the regulator understands the benefits of platforms and how they fit with proposals in the RDR.

He said: “Issues like professionalism and sustainability all come into play when the adoption of a platform, and perhaps a wrap in particular, is part of a wider business model change to a financial planning ongoing-service-style proposition.

“In the situation where the adoption of a platform is part of a wider change, then so long as that is done carefully and thoughtfully, then the simple answer is, yes, we do think platforms are a good thing.”

But Percival warned that platforms can be misused.

He says: “There is scope for misuse of platforms, either willfully or much more likely simply as a result of not looking at the issues and thinking through the problems that could arise when using platforms.

“So, clearly, as a regulator, we need to be alert to those issues.”


WdB assetmasters go on IFA market

Williams de Broe is making its assetmaster fund of funds range available to the wider IFA market because it has attained a three-year track record.

A matter of life and dearth

Nucleus Financial Group chief executive David Ferguson argues that the life industry is facing a significant threat through a failure to strengthen its proposition. Yet he says insurers’ demise could boost good quality IFAs as value drifts through to the advisory sector

Revenue closes pension loophole

The Revenue has closed a loophole which allowed pension funds to be passed on tax-free at death when held in small self-administered schemes run as family schemes. Any funds passed on will now face unauthorised payment and IHT charges, bringing the total poten-tial tax charge to 82 per cent, in line with the treatment of […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment