The FSA has postponed its discussion paper into the relationship between product providers and advisers amid continuing concerns that the regulator is trying to force providers to police intermediaries.The threat of extra responsibilities has forced non-mortgage trade bodies to start thinking about the potential impact of any FSA action. The ABI and Aifa will release a joint paper in September to coincide with the FSA’s belated announcement that month on the provider/broker relationship, which will specifically look at pensions, protection and investment business. The Council of Mortgage Lenders is waiting to see the results of the FSA response and joint ABI/Aifa document before deciding whether to formulate its own piece, although it is asking its members to recommend drafting a paper. The FSA told the Council of Mortgage Lenders last month it does not intend to alter the responsibilities of producer and distributor firms. Aifa director general Chris Cummings has warned that the independent mortgage broker market could be seriously affected if lenders have to police brokers because of the cost to provider. He says: “It is not for the FSA to determine the provider/broker relationship.” Accord Mortgages managing director Linda Will says: “Hopefully, the delay from the FSA means they are trying to address the problem as we need absolute clarity.”
F&C Asset Management made a loss of 29.2m in the first half of this year after seeing significant institutional outflows. The firm lost 2.83m in the same period last year. Funds under management at June 30 were 107bn compared with 131bn at the start of the year despite strong retail market inflows which increased by […]
Way Group has set up an estate planning vehicle that it claims will allow policyholders to safeguard unlim ited funds from inheritance tax. The Way estate transfer plan uses an absolute trust to hold funds for future beneficiaries so a gift qualifies as a potentially exempt transfer. The investor decides how much of the assets […]
Last weekend’s excellent Radio 4 programme Inside Money highlighted the inadequate level of help and protection given to people suffering from identity theft.
The Association of Home Information Pack Providers has today announced the first stage of its roll out of Hips and the Home Condition Reports.The six locations where it will commence its roll out on 6th November 2006 are in Southampton, Newcastle, Northampton, Bath, Huddersfield and Cambridge.The roll out is designed to demonstrate the benefits of […]
Portfolio Manager David Herro of Harris Associates discusses how macro economic instability can be exploited; how volatility can create opportunities to buy into businesses at low prices.
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As someone training to be a cricket umpire, fair play matters to Fortitude Financial Planning director Chris Bowmer. Doing the right thing for clients is something he has adhered to from the start of his career, even in a 1980s sales environment with nothing to gain by delving beyond a client’s surface requirements. While he acknowledges […]
Fund managers who have helped pay compensation over the collapse of life settlement bond provider Keydata will receive a £12m refund, the Financial Services Compensation Scheme has announced. Keydata’s management has been embroiled in a multi-million-pound legal battle with the FCA since it collapsed in 2009. The total bill for compensation stands at more than […]
With no employer to fall back on, the self-employed are on their own when it comes to retirement saving. Irregular income patterns can make it harder to save regularly into a pension and commit to locking money away until age 55. Those who are building a business may see that as their biggest asset and […]