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IFAs call for independent fee only adviser category

A 16-strong group of fee only IFAs are lobbying the FSA for the creation of an independent, fee only adviser category.

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

But the peer group says there should also be a distinction between advisers who charge on a fee only basis, by a mixture of fees and commission, or commission only.

In a letter to the FSA the group says there is a sizeable and increasing minority of consumers seeking an independent fee only adviser/planner solution and they are not all high net worth investors.

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 the message he wants to get across is not that fees are better than commission, just that consumers should 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.”


Platform appoints new head of credit risk

Platform has appointed Piero Bassu as head of credit risk within the company’s risk and compliance department. Reporting directly into Platform’s director of risk and compliance Alexia Antoniou, Bassu is tasked with managing the credit risk team responsible for supporting the business strategy and ensuring Platform’s risk appetite is reflected in business activities.Bassu worked at […]

Kirwan stays at ABI

Nick Kirwan is to remain as head of health and protection insurance at the Association of British Insurers on a permanent basis.Kirwan, who resigned from Scottish Widows in April, took over the role from Richard Walsh in June on a six-month consultancy basis pending a formal recruitment process but has now accepted the position permanently.Since […]

Trio agree to allow cross-platform views

Cofunds, FundsNetwork and Seven Investment Management have agreed to let advisers view client portfolios held between the three platforms.The trio say the move will better enable advisers to monitor client portfolios and keep track of asset allocation.Cross-platform viewing will initially be available from 7IM in the first quarter next year and from Cofunds and FundsNetwork […]

Artemis Monthly Distribution Fund: positioning and outlook

Managers James Foster and Jacob de Tusch-Lec outline the fund’s investment approach and discuss current investment themes and outlook for the bond and equity markets. As James and Jacob confirm, the Artemis Monthly Distribution Fund’s aim is to generate an income from both equities and bonds. They explain their investment approach in each asset class, the sectors where they are […]


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