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FSA slip-up reveals its view of depolarised industry

The FSA has unwittingly broken its silence on the emerging shape of the IFA market post-depolarisation after mistakenly releasing deleted extracts from a recent speech by chairman Sir Callum McCarthy.In the original draft of the speech given earlier this week, McCarthy suggested that most IFAs have managed to adapt to depolarisation and the requirement to offer fee and commission payment options to their clients.He said early indications are that many IFAs have retained their independent status and that there will be a full range of distribution models, with some major distributors setting up mini-ties with a small number of providers rather than multi-tie arrangements.The FSA has come under fire from IFAs and trade bodies for failing to monitor the status of advisers post-depolarisation and being tight-lipped over the impact of depolarisation so far.FSA spokeswoman Vanessa Wood says: “It is still early days but our observations, based on both conversations with IFAs and public information, so far tell us that most IFAs have opted to stay independent.”Aifa deputy director-general Fay Goddard says: “The FSA needs to monitor the market and we expect them to collect the data on which to judge whether depolarisation is a success.”


Equitable battle could see a deal

There was speculation this week that the legal battle between Equitable Life and its former directors and auditors Ernst & Young could reach a settlement.

‘A-Day opportunity for mass market’

Providers are calling for Sipps to be renamed as member-directed pension schemes after A-Day amid concerns that the name confuses investors. The Sipp Provider Group is behind the move and is set to merge with the Association of Pensioneer Trustees and rebrand as the Association of Member-directed Pension Schemes. It believes some investors do not […]

Offshoring is forecast to double in three years

Offshoring in the financial services sector is set to double by 2008, says consultancy PricewaterhouseCoopers. The firm’s research, Offshoring in the Financial Ser- vices Industry: Risks and Rewards – shows that 25 per cent of financial services companies outsource between 10 and 20 per cent of their workforce but this is expected to reach 50 […]

FAMR – a familiar response

Pension specialist Fiona Tait takes a look at the Financial Advice Market Review and assesses the three areas where it suggests improvements can be made With significant budget changes ruled out (for a while anyway), the pension community briefly turned its attention to the FCA’s final report on its Financial Advice Market Review (FAMR), hoping […]


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