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IFAs&#39 open letter to Ron Sandler

Leading IFAs are calling on Ron Sandler to enter into discussions with the

IFA community before making any assumptions about the sector in his Review

of Medium and Longterm Retail Savings.

Their open letter (in full here) asks Sandler to ensure he meets with IFAs

as part of his consultation paper to give them a fair hearing

Ron Sandler

The Sandler Review Team

Room 316A HM Treasury

Allington Twoers Allington Street London SW12 5EP

August 9,2001

Dear Mr Sandler,

We in the IFA industry would like the opportunity to raise our concerns directly to you about some of the suggestions in your consultation paper, Review of Medium and Long-term Retail Savings.

A part of the review, we would like to ask you to come and see us in person rather than make any assumptions about ouy role in the market. We want to challenge your view that IFAs lack investment knowledge and are better versed in areas like tax planning than understanding the often complicated nature of investment savings vehicles.

This suggestion of a cap on commission in the internet of consumers is obviously a major issue for IFAs as this would have a significant effect on our income stream. You are questioning whether there are alternative methods of remuneration for IFAs and we think it is only right that we have the chance to have some input. We would appreciate the chance to have a meaningful discussion with you at as early chance as possible.

Your sincerely

Colin Jackson

director, Baronworth Investment Services

Patrick Connolly

director, chartwell Investment Management

Richard Essex consultant, Grayside

Peter Hargreaves

chief executive, Hargreaves Lansdown

Nick Bamford managing director, informed Choice

Steve Patterson

Managing director, Intelligent Pensions

John Mc Clelland

principle, Knightsbridge Financial Services

Matthew Goldsmith Lighthouse managing director

Max Horne director, Max Home Financial Planning

David Harrison chief executive Positive Solutiolns

Eirian Jones partner, RNR Independent Financial Advisers

Robert Reid director Syndaxi Financial Planning

Simon Hudson chief executive Tenet Group

Philip Rose managing director Wentworth Rose

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