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IFAs by any other name

Hey, everyone, relax. This is a consultative paper so it is likely that the eventual changes will be different, anyway – they invariably are.

But let us assume they are not. Everyone seems to have overlooked that sitting nicely in between the multi-tie and independent adviser is the “authorised” adviser (look at section four of CP121).

You can still receive income on a commission basis and you can still look at the whole market when deciding on the choice of product for your client and you can still send them direct-offer letters.

Ummm…sounds to me just like the current definition of an IFA but, sorry chaps, you cannot call yourself “independent”. As it stands,I can see a lot of commission-based IFAs opting for that. Surely, your clients are hardly likely to overly worry, are they?

OK, so “independents” can only receive fees but, come on, look at the proposals. They are flawed. You charge your client a fee but, actually, you can still receive commission.

Seems to me that if your terms of business say the agreed fee is not payable for three months, by then you will have been paid by the provider and the FSA has said that you do not have to chase a client for any outstanding fees if unpaid.

This is the death knell for networks? I think not. I can see a place in mine as the proposals currently stand for independent and authorised advisers quite easily.

Ian McIver

Managing director,

The Whitechurch Network,




Would you consider multi-tying if the FSA&#39s plans to scrap polarisation are implemented?“Yes. I don&#39t have an option as I could not go fee charging. People are not willing to pay fees. It is either that or switch the light off on the way out.” Alan Bradshaw, Ashbourne Associates “Maybe. It is a matter of […]

Franklin Templeton Investments – Franklin Sterling Corporate Bond Fund

Wednesday, January 23, 2002.Type: Ucits.Aim: Income and growth by investing in sterling corporate bonds.Minimum investment: $5,000 or currency equivalent.Place of registration: Dublin.Investment split: 100 per cent in sterling corporate bonds.Isa link: Yes.Charges: Initial up to 5 per cent, annual 1.5 per cent.Commission: Initial 3.5 per cent, renewal 0.5 per cent.Tel: 020 7925 7171.

Fidelity finds its business as usual for most advisers

The retail investment community seems relatively relaxed about last week&#39s announcement that polarisation is for the chop.While most say that they are supporters of IFAs and the status quo, there has been an overwhelmingly pragmatic response from fund managers and investment IFAs.In a survey carried out by Fidelity last week, 80 per cent of IFAs […]

Online survey shows IFAs looking to stay independent

Three quarters of IFAs say they expect to remain independent in the event of polarisation rules being abolished, according to an online survey.The survey, by independent online information sharing service, shows 74 per cent of IFAs said they still expected to be an IFA by the end of 2002, with 16 per cent saying […]


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