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FSA has no power to cap IFAs&#39 fees

Apparently, the FSA&#39s Michael Foulger is considering a cap on the fees IFAs can charge because “fees prevent people from getting advice”.

At what point did the FSA acquire powers to determine the pricing policy of independent businesses?

I am pretty confident that they do not have such powers and this is another example of a senior regulatory figure opening his mouth before putting his brain in gear.

The fee levels charged by an individual firm are for each firm to determine in a free, open and competitive market place.

If the regulator wishes to be in a position to determine and regulate fee levels charged by this firm then they will need to acquire ownership of it&#39s share capital – and the last time I looked they had not.

Nick Bamford

Managing director, Informed Choice


ScotEq extends range

Scottish Equitable Protect is adding income and unemployment products to its protection range to extend the scope of its menu-based protection suite.The income product, which ScotEq says has been designed specifically with IFAs in mind, is available through its mortgage, personal and business menus, while its unemployment cover can only be accessed through the mortgage […]

Unilever and Merrill Lynch lock horns over pension fund

Unilever started its £130m damages and negligence claim this week, brought against Merrill Lynch over the management of its pension fund. Unilever says Mercury Asset Management, subsequently bought by Merrill Lynch, followed a risky investment strategy even though it had been told to invest its pension fund more cautiously. Unilever says Mercury repeatedly failed to […]

Christows appointed to InterAlliance panel

Independent stockbroker Christows has been appointed to the Inter Alliance advisory panel of discretionary portfolio managers.The move will make Christows Private Portfolio account available to investors through Inter Alliance.The account has a minimum investment of £50,000 and offers IFAs up to 3 per cent initial commission and 1 per cent trail.

Lloyds TSB threes up links

Lloyds TSB has introduced a guaranteed equity bond that offers investors a minimum return of 20 per cent plus their original capital after five years. The London guaranteed equity savings account is only available over the phone. It is linked to the performance of three stockmarket indices, the FTSE 100, Eurostoxx 50 and Nikkei 225. […]


Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.


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