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FSA’s survey finds all IFAs plan to stay independent

All of the small and medium-sized IFA firms surveyed by the FSA say they plan to stay independent.

FSA representative Jo Phillips said the regulator spoke to 40 small firms and 40 medium-sized firms and all of which said they would be remaining independent with the onset of depolarisation.

A couple of medium-sized firms say they would operate a multi-tie as a separate business with ex-direct salesforces as advisers.

Sixty per cent of banks are going to enter gap-filling arrangements through multi-tying. The FSA is pleased with this move as it says this is what is intended with depolarisation.

Speaking at a panel session about developing IFA relations, Phillips said there is a wait and see attitude in the industry, with many believing that if multi-tie does take off, it will be driven by Sesame and Bankhall.

Syndaxi Financial Planning director Robert Reid said fund of fund and manager of manager offerings have taken the edge off multi-tie a little as there is no longer the need to have four or five ties. Reid believes the only place that multi-tie will exist is in protection.

Phillips said: “Many firms are talking about taking the multi-tie route but none has drawn up a contract yet.”


Pre-budget report- Chancellor to pay CTF top-ups to children at age seven

The Government has pledged to make additional payments into kids’ Child Trust Funds accounts when they reach age seven.In his pre-budget speech, the chancellor vowed to make an additional payment of 250 to children and 500 to the poorest kids. Eligibility will be measured in the same way as for the initial payment and the […]

2% property rise forecast for 2005

Researchers at property consultants FPD Savills are forecasting that the value of the average house will rise by just 2 per cent next year, the lowest growth level in nine years.

Friends aims for £380m securitisation

Friends Provident is looking to raise £380m to fund new business acquisition by securitising a book of life insurance policies. The move also reflects recognition of improvements in annuitant longevity in statutory valuation requirements of its business which could reduce statutory net assets by £30m.

Halifax comments on depolarisation

Halifax press officer Paul Fincham says: “Halifax will continue to offer its own products through Halifax advisers in Halifax and Bank of Scotland branches. Where our product range can be improved by offering another provider’s products we may consider doing this, but only if the products can offer our customers the best possible value.”


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