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Ingledew in call for IFAs to drop independent tag

Berkeley Berry Birch deputy chief executive Stephen Ingledew believes IFAs should drop their independent tag.

He says the “blinkered” approach to regulated advice forces IFAs to try and cover all bases rather than focusing on advice.

Ingledew believes clients are already in an environment where it is difficult to tell the difference between an independent and tied adviser. After CP166, he says the marketplace will be populated by advisers wearing “grey” hats and working simultaneously as tied and independent advisers.

He said: “We have rather missed the point about providing a fully comprehensive service for clients. Don&#39t believe that independence will be a differentiator – it will not be. And I don&#39t think we will want it to be. It will be impossible to operate like this.”


Who&#39s to blame?

Those of you who have run the gauntlet of renewing professional indemnity cover will be only too aware that the environment in which IFAs operate has changed dramatically.A report published in December 2002 by the Actuaries working party found that the UK pays out far more in compensation claims than other European countries, running up […]


“No I don&#39t think it will work. A captive fund will just end up attracting all the firms that failed to get cover initially and the whole thing is going to be a very expensive process.”Neil Sims, Beckett“Yes, there is no reason why not. I hope it can significantly alleviate the problem but in practice […]

Warning that PI firms will oppose early split-cap payouts

Companies which try to heed FSA calls to pay early compensation to investors in collapsed split-capital investment trusts will face strong opposition from professional indemnity providers, warns law firm Reynolds Porter Chamberlain.The law firm, which specialises in insurance, says PI firms will fight early payout moves as they are under no obligation to cover costs […]

FTBs struggling as mortgage costs rise

First-time buyers are finding it increasingly difficult to get on the property ladder as affordability levels increase, according to Cheltenham & Gloucester.Its quarterly housing affordability index found the cost of a mortgage for an average single-income homebuyer per £100 of take-home pay rose by 8.8 per cent to £33.40 in the final quarter of 2002 […]


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