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IFAs challenge Sandler to meet them for talks

IFAs across the UK have invited Ron Sandler to meet them face to face to

discuss how they do business before prejudging the industry any further as

part of his Treasury-backed review of the retail savings market.

In an open letter this week in Money Marketing, 14 leading IFAs urge

Sandler to contact them to talk about the issues raised in his consultation


The signatories represent IFAs of all sizes from networks to big

investment specialists to small commission-based practices and from all

corners of the UK. They vary as much in their views of Sandler&#39s comments

on the industry as they do in the type of businesses they run.

As one, however, they collectively recognise the need for Sandler to get

out and talk to individual IFAs rather than rely solely on trade

associations to represent the views of the industry.

In his paper, Sandler says IFAs lack investment knowledge, rely too

heavily on past performance and claims their commission relationship with

providers confuses consumers and endangers the marketplace.

Positive Solutions chief executive David Harrison says: “This is another

example of Government-sponsored individuals seeming to lack a basic

understanding of the market and what normal people want. He should realise

the real constraint in the market is the lack of advisers, not charges or


Chartwell Investments associate director Patrick Connolly says: “Before

making comments in public, it would be sensible to learn about the ins and

outs of the industry and talk to those who operate in it about how they run

their businesses.”

Open letter, p2; Review influences, p10; Our view, p12; Perspective, p20


Manchester gets the four-year discount itch

Manchester Building Society has brought in a four-year discount mortgage.The mortgage has a discount of 1.2 per cent for the first four years of the loan, giving it a payable rate of 5.8 per cent for loans of up to 90 per cent of valuation. Employed applicants must have been at their present job for […]

Age Concern publishes guide to raising cash on home

Age Concern is publishing a guide to show how older homeowners can raise cash from the value of their property.The guide, Using your Home as Capital, reviews the financial products older people can use to convert the value of their home into a lump sum or regular income.Age Concern England director general Gordon Lishman says: […]

Product Matters

Mimi, the new mortgage protection offering from Liverpool Victoria Life (Permanent Insur-ance by any other name) isthe latest in the cafeteria-style selection range. The problem I have with most productsof this type is that one product rarely offers our clients the best life,critical-illness, income protec- tion and redundancy cover available and, of course, the obligatory […]

IFAs question fund managers for suspending trading in wake of New York destruction

Fund managers are being slammed for their decision to suspend trading in response to the market uncertainty cr eated by yesterday&#39s terrorist attacks on the New York financial district.IFAs are accusing fund managers of degrading the value of unit trusts as compared with direct equity investments as scores of fund managers suspend trading. Fund managers […]


Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.


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