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FSA warned not to set bar too high for entrants

Leading IFA chiefs believe that insisting on chartered status could discourage new entrants from coming into the industry.

At a Money Marketing RDR round table, Sesame chief executive Ivan Martin issued a warning to the FSA that raising the bar too high could scare away new entrants.

Martin said improving the perception of the industry by raising standards would draw more consumers to seek advice, whether through a qualification or ano-ther method, but he said that chartered financial planner status is too high.

He said: “I think chartered status is not necessarily appropriate. We have said diploma level would be a very good thing to aim for.

“If you are saying everybody has got to be up there, what environment have you got to encourage young people to aspire to come into this industry?”

Tenet chief executive Simon Hudson said having firms of generalist and specialist advisers would bring in new people without alienating advisers on the brink of retiring who might reject the idea of retraining.

He said: “It is the only way the consumer is going to get confidence. You need to create the model where there will be specialist people out there but not everybody wants to. Your guy retiring at 54 does not want to become a specialist, he just wants to be a general practitioner probably.

“There is this view coming out that everybody has to climb to the top of the tree. Why? No other business has got that in it.”


Paternoster buys out Chrysalis Group pension scheme

Paternoster has bought the Chrysalis Group pension scheme through an insured buyout and now has in excess of £1.6bn of assets in total. The scheme members of Chrysalis – the independent music company – have already been notified by the trustees.Paternoster chief executive Mark Wood says: “Paternoster is delighted to have worked with the trustees […]

Top-selling Woodford funds slump

Invesco Perpetual stalwart Neil Woodford has had an uncomfortable start to the year after seeing both his income funds take a performance hit.Woodford’s £6bn income and £8.5bn higher income funds are currently among the bottom five out of the 90 funds in the UK equity income sector in terms of total return in 2008.High income […]

HMRC loses dispute on discounted gift trusts

The Special Commissioner has ruled against HM Revenue & Customs in a case which considered whether people aged over 90 can benefit from a discounted gift trust plan.The case was decided in favour of the executors of an elderly woman who died five months after setting up a discounted gift trust plan withAxa in 2002.Under […]

Boiler room

Several years ago, ina moment of madness, I took out breakdown cover for my gas boiler. In return for a monthly fee, my particular provider guarantees to come round and fix the problem within 24 hours.


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