View more on these topics

IFAs told to make supermart choice

The fund supermarket war hotted up this week with latest entrant

Consolidated Funds warning IFAs they must choose between the company or

rival Fidelity.

Consolidated has told IFAs it will be impossible to sign up to both

companies because they will experience operational difficulties.

It says signing up to Fidelity means they risk missing out on Consolidated funds.

Consolidated Funds chief executive Sam Jensen says IFAs who have signed

statements of intent to go with Fidelity should consider their position

carefully as it will be difficult to change their minds later.

Competition between Fidelity and the new fund supermarket, which has

Jupiter, Gartmore, M&G and Threadneedle as founder members, is set to be

fierce as Jensen claims Consolidated Funds will “thwart” Fidelity and will

be the best.

But four major investment IFAs, Hargreaves Lansdown, Chase de Vere

Investments, Torquil Clark and Best Investments, which signed letters of

intent to work with Fidelity, say they intend to go ahead with the deal.

Jensen says: “Independent advisers should think through the operational

consequen-ces of signing up with two supermarkets.

“They should not make a decision to sign up with Fidelity yet as they will

get tied into the deal and find it very difficult to go back on their

decision. We have a big selling point over Fidelity as we will only deal

with IFAs and not directly with consumers. We will be the best.”

Following recent meet-ings with EMX chief executive Caroline Lee, Jensen

says Consolidated Funds has decided not to sign up with Autif&#39s portal yet

although it may in the future. Jensen says it does not make commercial

sense for Consolidated Funds to sign up at this stage as EMX has only just

started to roll out.

Profile p35


GPPs set to benefit from &#39restricted&#39 stakeholder

Scottish Equitable is pred-icting that difficulties over providingstakeholder plans could tip the balance in fav-our of group personalpens-ions for many employers from next April.The life office believes the restrictions and conditions surroundingstakeholder will lead to a very limited uptake among smaller andmedium-sized employers. It suggests many will opt to take the GPP routewhen planning pension […]

Chase de Vere in mortgage link-up with IFonline

Chase de Vere Mortgage Management is linking up with mortgage commontrading platform IFonline.The link means Chase will use IFonline&#39s system as one of its onlineresources for searching the mortgage market.Chase hopes that the move will help its brokers match clients&#39circumstances to the most suitable mortgage from a comprehensive range ofproducts.IFonline&#39s site is supported by a […]

Personal loan push by First National

First National is targeting IFAs in its campaign pushing secured personalloans.The company says it is rebranding to raise awareness and understanding ofproducts as well as showing IFAs the potential of secured loans as a newincome stream.The Abbey National subsidiary says IFAs have over-looked secured loansbecause of a lack of understanding and a misconception among brokers […]

Southern Pacific to widen loan options

Non-status lender Southern Pacific Mortgages is revamping its mortgages ina bid to attract a wider range of borrowers and intermediaries.The new range features up to 80 per cent loan to valuation – an increasefrom 75 per cent on previous loans. The mortgage is available for dualself-certification for applicants wanting to self-certify income and proofof payment […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm