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‘FSA is failing on platform pricing’

Novia has criticised the FSA for failing to highlight the need for more platforms to unbundle their pricing for advisers and their clients in its retail distribution review consultation paper.

Chief executive officer Bill Vasilieff says while Novia supports the RDR’s stance on independence and fees but he claims that the regulator has not picked up on the lack of transparency in client charges in the platform arena.

He says: “There are still too many examples of undisclosed rebates from fund managers to advisers that could be viewed as influencing platform choice for their clients, for example, the illusion that platforms are free to the client.

“We know that the FSA has promised a thematic review of platforms and we will be making our tho- ughts known.”

Transact head of marketing Malcolm Murray points out that the paper refers constantly to transparency so the lack of reference to unbundling is not a concern.

He says: “The new independent post-RDR adviser is going to put a lot of pressure on those playing the obfuscation game. Sooner or later, the life companies, who are the real culprits, will find that the old games are no longer acceptable.”



Marketing message

It seemed to me that everybody who was anybody in protection was at the Protection Review seminar and dinner last week although if I was being picky I might note that more should have attended both rather than just the latter. Afterwards, I drew up a list of the key reasons for our inability as a clever bunch of people overall to start growing our overall sales levels.

First two years of growth goes 2plan

2plan Wealth Management has increased its IFA numbers from 22 at the end of 2007 to 180 advisers after two years of trading.

Aifa opens online RDR academy

Aifa has launched the first phase of its online business academy, developed with Skandia, to help firms meet RDR requirements. The first phase offers a tool to generate a business action plan.

Benefits - thumbnail

Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


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