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IFP and CP121

So the Institute of Financial Planning believes Sandler&#39s review approach is much more sensible than the plan in the FSA&#39s CP121.

Nick Cann says that no product sale, no fee would put too much pressure on advisers to sell products.

When is anybody going to realise that there are only two reasons that preference is being given to fee-charging:

The ability to charge somebody for your time, regardless of your ability to explain products correctly to clients.

The ability to hide behind the so-called professional image of “not being paid commission”.

If the adviser believes the commission payments are too high he can rebate the “excess” to the client&#39s product. If he cannot make a living from commission, is it the commission or the adviser&#39s ability which is at fault?

Having just celebrated my 42nd anniversary running a one-man IFA practice, I believe the adviser&#39s lack of ability is to blame. Why subsidise inferior advisers by allowing them to charge lapse-proof fees?

Let us start putting the client first – after all, we would all object if we had to pay just to walk into a shop to browse.

D Harvey



Dancing to a different tune

Image is everything, as a brand consultant once told me and as he was from the consultancy that gave the world Hobnobs he must be right. For most IFA firms, the closest they have got to being a brand is using the IFAP logo. The logo has the pound symbol as its centrepiece and, given […]

Commission is the only way forward

Lorna Bourke&#39s article about an IHT loophole (Money Marketing, August 15) made a point which was somewhat hidden. Apparently, only the rich can afford to pay for complex legal advice that would save a fortune in IHT for the vast majority of the homeowning populace. This is rather strange because the complex legal work is […]

Specialist subject

The qualification deadline set by the Mortgage Code Compliance Board for advisers is just over four months away but over half of advisers have not yet sat the exams. The Intermediary Mortgage Lenders&#39 Association, which released this statistic, says it shows ignorance and apathy on qualifications. But the MCCB claims that around 80,000 advisers have […]

Setting sale

There are many reasons why an IFA might be interested in broadening their capital base or seeking a full change of ownership. Of specific and immediate concern is CP121 and Sandler&#39s recent proposals. More broadly, issues such as the EU directive on disintermediation will affect organisations that have an insurance brokerage arm. The decision to […]

Pension savings-2015

Pension tax relief: parked (for the moment)

The national news agenda has been dominated by pension issues this month. For those that missed it (and there cannot have been many given that this was the lead story in spoken and written media), the Chancellor announced a decision to make no decision on pension tax relief in his 16 March 2016 Budget speech. To […]


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