View more on these topics

‘Highlight fee-only advisers’

Sixteen fee-only IFA firms are lobbying the FSA for the creation of an independent, fee-only adviser category.

The FSA’s consultation paper on integrated regul-atory reporting has proposed changes to provide better data about market segmentation by requiring advisers to state whether they are independent, whole of market, multi-tied or tied.

But the group, which includes Helm Godfrey, Evolve Financial Planning and Tower Hill Associates, is calling for a further distinction between advisers who charge on a fee-only basis and those remunerated by commission or a combination of commission and fees.

In a letter to the FSA, the group says there is a sizeable and increasing number of consumers seeking independent fee-only advice who are not all high-net-worth individuals.

The letter states: “There is no means for consumers to find the genuine fee for service independent financial adviser, which could lead to consumer detriment.”

Tower Hill Associates director John Lang says it is not a matter of fees being better than commission but ensuring consumers have access to reliable information.

He says: “If an increasing and meaningful number of consumers are seeking a fee-only adviser, then the FSA has a responsibility to protect those consumers by creating a verifiable independent fee-only category and publishing this information.”


PBR: State second pension flat rate brought forward to 2009

Chancellor Alistair Darling has announced that the state second pension flat rate will be brought forward to 2009 from its original deadline of 2012 or the end of the next Parliament in his Pre-Budget Report speech this afternoon.More to follow

After eight

Barclays has introduced an income investment paying 8 per cent a year over a five-year period or up to 55 per cent growth. The income investment is ideal for those with equity Isas nearing retirement who do not wish to take much risk.

PBR: Tory candidate brands PBR IHT move an insult to IFAs

Conservative candidate and IFA Deborah Dunleavy has branded Alistair Darling’s IHT changes “an insult to our industry”.Dunleavy, who is the Conservative Parliamentary candidate Bolton North East, says Darling’s move is a “con” as a married couple can already have a £600,000 allowance by putting in place a discretionary will trust.Darling announced in the PBR that […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm