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FSA&#39s menu is not to many IFAs&#39 taste

Many IFAs are sceptical that the FSA&#39s proposals for a menu system for remuneration will make it easier for them to remain independent, according to a survey by George Street Research.

In the survey carried out exclusively for Money Marketing in November, 47 per cent or 98 of the 210 IFAs quizzed said the FSA&#39s proposals would make no difference to their plans to remain independent.

Fifteen per cent said the proposals would make maintaining their current status a little easier and 12 per cent said it would be much easier. But 21 per cent thought it would be a little or much harder.

The research also found that IFAs are unimpressed with the FSA&#39s action on professional indemnity insurance, with 50 per cent saying it would not make it easier to find cover while 24 per cent said the FSA has made it harder.

Just 1 per cent of IFAs believed that finding cover would be easier.

The Sandler report also fared badly in the survey, with 82 per cent of IFAs saying the proposed stakeholder suite of products would fail to close the savings gap. Only 9 per cent said it would help.

On the question of pension contributions, 62 per cent of IFAs said everyone should get the same tax relief irrespective of their earnings while 28 per cent disagreed. director Ashley Clark says: “The FSA has fallen short on the menu system and, until it gets its act together, the PI situation will not change.”


Witan wraps up in pension

Henderson Global Investors has made its Witan investment trust available within a pension wrapper to create the Witan simple contribution pension.Witan is already available through other investment wrappers, such as an Isa or the Jump children&#39s savings plan. The company says many pension funds invest in Witan, so creating its own pension wrapper seemed to […]

Leeds & Holbeck launches new discounted mortgages

Leeds & Holbeck Building Society has launched a new discounted loan for movers and first-time buyers. For first-time buyers it is offering a one per cent discount for two years off its standard variable rate, currently 5.75 per cent, giving a pay rate of 4.75 per cent on loan to values up to 95 per […]

Manor Park – UK Selected Growth Fund

Wednesday, 18 December 2002 Type: Guaranteed growth bond Aim: Growth linked to the FTSE 100 index Minimum investment: Lump sum £5,000 Place of registration: Guernsey Investment split: 100% linked to the FTSE 100 Guarantee: Client&#39s choice of between 85 – 100% of capital returned in full at end of three-year term regardless of movement in […]

Cazenove Investment Fund Management – Global Opportunities Fund

Monday, 16 December 2002 Type: Oeic Aim: Growth by investing in companies globally except the UK Minimum investment: Lump sum £1,000 Isa Link: Yes Pep transfers: No Charges: Initial 3.5%, annual 1.5% Commission: Initial 3%, renewal 0.5% Tel: 0800 0159592


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