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FSA looks at probe into fund supermarket selection

The FSA is considering an investigation into fund supermarkets amid

fears that advi-sers without adequate qualifications are using them

to select funds on a discretionary basis.

The regulator says it is concerned that investors are being moved

into unsuitable funds by advisers lacking the required Part IV

permission or the appropriate expertise. It fears this is happening

throughout the lifetime of some portfolios and not just at the


The FSA is considering a thematic project, where it investigates

across the industry to see whether intervention is required. This

method precipitated its investigation into split-capital investment


It says the project may also review the requirement to provide

regular fund reports, with full disclosure of performance and fees to

clients. But it says it could be months before the project gets off

the ground.

FSA spokesman Rob McIvor says: “It is important to assess the scale

of the issue and make sure what we do is appropriate. We need to get

a feel about whether regula-tory intervention is necessary.”

Cofunds sales & marketing director Rodney Aldridge says: “I do

not see how dealing through a supermarket increases risk. It is down

to the agreement between client and adviser.”


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Chartwell Investments – Chartwell Capital Secure Plan

Type: Guaranteed equity bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £3,000-no maximum, £7,000 Isa Term: Six years Guarantee: Original capital returned in full regardless of performance in index Return: 20% growth at the end of three years if index grows by 20% or more, 30% growth at the […]


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