View more on these topics

IFA centre calls for passporting firms to face scrutiny

The IFA Centre is calling for advisers to report any instances of consumer detriment resulting from firms passporting into the UK so the adviser lobby group can pass the information to the FSA.

Under passporting, advice firms based in EU member states can set up a UK branch but will have to meet UK conduct of business rules. Alternatively, they can operate cross-border services via telephone or the internet and only have to meet the requirements of their home state.

Speaking at the PanaceaIFA conference in London last week, IFA Centre managing director Gillian Cardy (pictured) asked IFAs to tell the lobby group about any consumer detriment caused by passporting firms.

She said: “If passporting is detrimental to consumers, then we can warn the regulator about it.”

The Treasury select committee warned the FSA about the potential impact of passporting in its report on the RDR, published in July. It said the committee does not want to see it being used to avoid RDR rules.

The regulator responded in November saying it has processes in place to monitor the use of passporting and will refer any firms using the process to avoid the RDR’s rules to their local regulator.

Forty Two Wealth Management partner Allan Dick says: “If passporting is hitting consumers, the FSA must be told.”

Recommended

2

Lloyds ups scrutiny on interest-only repayment plans

Lloyds Banking Group borrowers with an interest-only mortgage who are looking for a further advance will now be asked to provide evidence of a repayment plan for the entire loan. Previously, Lloyds asked borrowers to provide evidence of a repayment method for the additional amount that they wished to borrow. But, from May 28, borrowers […]

4

Mayor of London pledges to expand shared equity scheme

Mayor of London Boris Johnson has pledged to expand a shared equity scheme helping first-time buyers in London. Visiting the offices of the Coreco Group this morning to discuss apprenticeships, Johnson pledged his support for home ownership. The Greater London Authority runs the First Steps scheme alongside housing providers, L&Q and Metropolitan Home Ownership working […]

Peter Welch to leave Bridgewater Equity Release

Bridgewater Equity Release head of sales and distribution Peter Welch is to leave his role after nearly four years with the provider. Welch, who joined Bridgewater in July 2008, will leave the provider on May 31. At present, Bridgewater does not intend to appoint a direct replacement for Welch but parts of his role will […]

Inheritance tax and estate planning – exemptions and reliefs

By Kim Jarvis, technical manager with Canada Life’s ican Technical Services Team In this article we look at the main exemptions and reliefs that are available on death. Within the article, spouse also means civil partner.   Nil-rate band Under current rules, any part of the estate that falls within the available nil-rate band (NRB), […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Christopher Lean 31st May 2012 at 11:19 am

    Of particular concern should be those firms from the EU that offer pension transfer advice.
    The default position in the UK for a transfer from a DB scheme is usually to leave the benefits where they are.
    The default position of the unqualified offshore adviser is to transfer them to SIPPs or QROPS.

Leave a comment