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IFAs hit back at OFT

Outraged IFAs have hit back at the Office of Fair Trading director general John Bridgeman over accusations in a radio interview that they are already multi-tied.

In an interview on BBC Radio 4&#39s Inside Money, Bridgeman questioned the independence of IFAs.

He also claimed his much-delayed report on polarisation did not recommend a third category of adviser because multi-ties already exist among both IFAs and tied agents.

He also appeared to contradict the report when he told listeners that he did not think the term &#34multi-tie&#34 was helpful. His report makes repeated reference to multi-ties.

Bridgeman also described his work as a &#34technical report&#34 for the Treasury, &#34not a report which was designed essentially to help to make things understandable and clear for consumers&#34.

Later in the interview he advised consumers to read the report.

IFA Association head of technical services Fay Goddard, who is moving to the new trade body next week next week, says: &#34We would contest any accusation of IFAs already being multi-tied.

&#34It sounded like the obviously confused leading the already confused into even deeper confusion.&#34

Financial Options Group sales and marketing director Andrew Bedford says: &#34We are not multi-tied and would never wish to be. If he has any evidence of multi-ties then we would be happy to see it.&#34


M&G appoints UK equities fund manager

M&G has appointed a new fund manager to its UK equities income team.Hakan Salih is joining M&G from Hill Samuel Asset Management. He will report to head of UK equities Sam Morse and will be part of the income team headed by Richard Plackett.M&G chief executive Michael McLintock says: &#34Hakan is a great addition to […]

Virgin Direct calls for voluntary benchmarks on stakeholder

Virgin Direct is calling on the Government to introduce voluntary benchmarks for stakeholder pensions, claiming there is no excuse for any delay.The move is Virgin&#39s in response to Government&#39s latest consultation paper on stakeholder pensions.In its reply to the paper, Virgin welcomes the Government&#39s decision of &#39sticking to its guns&#39 over the 1 per cent […]

Easy-Jet founder to offer internet banking

The founder of budget airline Easy-Jet is planning to launch an internet banking service according to today&#39s Financial Times.The service provisionally entitled Easy Money, will use internet technology to reduce the cost of banking.Although a telephone help desk would operate in parallel, all transactions would be conducted through the internet.Plans for the bank are currently […]

TWEFS appoints new chief exec

Tunbridge Wells Equitable Friendly Society has appointed David White as its new chief executive.White was appointed to the friendly society&#39s board as sales and marketing director last year. He replaces Nick Morrell who has left the society to pursue other interests.Peter Lloyd is appointed deputy chief executive and actuary. He joined the company in 1989 […]


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