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 the outlook for the UK’s economy remains uncertain, how can advisers prepare portfolios for any change in inflation? As higher inflation fails to appear on the horizon and wages grow faster than expected, fund managers are weighing up their portfolio moves for any potential changes in the economy. The UK consumer prices index rose […]
IFA directors Kevin and Cheryl Neal have been banned from being company directors by the Insolvency Service for six and four years, respectively. The married couple ran the now-defunct Hertfordshire-based Kevin Neal Associates Wealth Management. They were disqualified for taking assets from an insolvent company. The firm had been incorporated to take over the business interests […]
Hartley Pensions has bought the “untainted” assets of the Lifetime Sipp Company, which went into administration earlier this year. An update published today on the website of Lifetime’s administrators Kingston Smith & Partners says Hartley Pensions has also agreed to administer the tainted Sipps held by Lifetime Sipp. The administrator described tainted assets as those where […]