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Help campaign to define misselling

Perhaps the FSA&#39s new chief executive John Tiner – still thought to be grappling with a definition of misselling – could do with some help. This week, one IFA, supported by many of his peers, is asking Money Marketing to do just that.

Most advisers agree – as does Government savings reviewer Ron Sandler – that a definition of misselling is a great idea. It would provide clarity for clients,help resolve the PI crisis and allow IFAs to cut costs, with savings passed on to consumers.

It would provide more clarity for regulators, politicians, consumer advocates and the industry so they could at least start to agree on what they are arguing about.

It would bring a much needed anchor for the industry and the regulator as the clarity of polarisation is ditched in favour of something altogether more confusing.

Finally, it might help draw a line under the rights and wrongs of the various reviews and half-reviews being completed at the moment.

A good idea all round, then, and one that is, in theory at least, a work in progress at Canary Wharf.

But the FSA disappointed us with its last public utterance on the definition.

Now advisers are getting restless and Peter Emery, an Essex-based IFA, has written to Money Marketing this week asking us to help out.

It is not our role to provide the definition ourselves but we are asking you the advisers – who probably know better than anyone when a sale is ethical and when it is not – to furnish us with ideas which we will print and pass on to the regulator. This could help the new people at the top get to grips with at least one item in their bulging in-trays.


Yorkshire Guernsey – Equity Linked Bond

Type: Guaranteed equity bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £10,000-£500,000 Term: Five years Guarantee: Original capital returned in full regardless of performance in index Return: 100% growth at end of term Closing date: September 23, 2003 Commission: None Tel: 0044148 1710 150

Scot Prov sets up intermediary support centre for large protectioncases

Scottish Provident has set up a team at its Edinburgh-based intermediary support centre to manage large protection cases with sums assured of £500,000 and over. Scottish Provident says this will mean cases are processed as smoothly and efficiently as possible and intermediaries are kept up to date with their progress.

Credit Suisse waives initial charge on FOF range

Credit Suisse Asset Management is temporarily waiving the initial charge into its funds of funds to mark the two-year anniversary of the multi-manager range. CSAM&#39s standard 4 per cent initial charge is falling to 0 per cent until November 28 or until the 11 funds hit £100m. IFA commission will fall to 1 per cent […]

The miles file

If you have an idle moment, peruse the figures for the UK all companies sector since the start of the year. You will not find most of the top dozen funds on the recommendation lists of many IFAs. Why? This year&#39s high-flying funds are mainly small and lack a three-year track record. For many financial […]

Greg Broomer 2

Survey looks at the challenges facing businesses post auto-enrolment

A survey conducted by Johnson Fleming at the Pension & Benefits Show 2014 highlighted the key challenges faced within organisations post auto-enrolment. The results showed that communicating the changes and the value of them to staff, and receiving timely data from the payroll provider proved to still be the most challenging aspects of managing an auto-enrolment scheme.


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