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FSA fires out warning over white labelled funds

The FSA says it has strong concerns about advisers white labelling their own funds and warned it will not tolerate any return to the worst practices of broker funds.

Speaking at a Cicero Consulting conference today in London, FSA director retail policy and themes and asset management sector leader Dan Waters said the FSA had concerns about potential conflicts of interest and warned firms must be very careful such funds are run to a high standard.

He said: “We will take a very dim view of any firms that bring a return to the worst aspects of broker funds”.

IFDS group executive business development David Moffat, who has worked with a number of adviser firms to set up their own white labelled funds, told delegates he believed much of the concern in this area is not warranted.

He said in many cases the TER is lower for clients and the IFAs are not involved in the running of money.


Landlords face tax crackdown

HM Revenue & Customs has begun a crackdown on buy-to-let investors who have not declared their rental income.It has sent out an initial 500 letters targeting landlords who it believes may not have declared their BTL properties on their tax return.The letters ask landlords to provide details of their property investment activity over the past […]

House prices will fall 15 per cent but no crash, says Jewson

Independent investment consultant Jewson Associates has predicted a 10-15 per cent fall in house prices over the next two years.Head of strategy Tim Brown says it does not believe the UK will see a crash in the housing market nor a recession on the scale of that seen between 1990 and 1992. Brown says: “To […]

All the best ingredients

I am wary of recommending enterprise investment scheme funds unless they are asset-backed. A highly attractive exception is Country Food Fine Dining being launched by Smith & Williamson.

Industry under fire over pension freedoms

By Jamie Clark, Business Development Manager, Royal London Recent articles in the media have raised concerns about the new pension freedoms. One perceived problem is that across the industry, trustees and providers are not necessarily allowing people to take full advantage of the pension freedoms in situ. This is backed up by a recent survey by […]


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