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Intent on doing away with IFAs

Referring to the research documents in my response to CP121, I found the respondents represented around 0.003 per cent of the population and I wondered how such far-reaching conclusions could be arrived at from such a small sample. The biggest group was 1,905, the other five ranging from 20 to 60, the latter referred to as a “relatively large number”.

I have a business to run and a living to make as an IFA and I must get on with it for as long as I am able. I am not prepared to spend more time combing through a consultation paper which, with its low sampling and predetermined objectives, I can only conclude to be not worth the paper it is written on.

With respect to polarisation and commission disclosure, consumers having the terms of business (its content, presentation and detail well regulated in the past by Fimbra and PIA) should understand very clearly what their adviser may offer. Furthermore, commission, its disclosure and fees are adequately covered therein, not forgetting the product disclosure documents.

However, some IFAs may be guilty of underselling their independence while tied agents are hardly going to expose their weakness by promoting their Don&#39t Buy From Me Guide.

CP121 seems to be all about giving more to the banks, etc, and doing away with the IFA. It is not surprising that I misread a recent headline as Davies staying on to finish off IFAs instead of Davies staying on to finish off job at the FSA.

Claude Laugier

CB Financial Services,




Unsettled forecast

In my last article, I started to look at the use of target benefit projections in giving financial planning advice, particularly investment portfolio advice, inside and outside of pension contracts. I discussed the projection of a required income level using either price or wage inflation and posed the question: “What is the likelihood that the […]

Scottish Life closes IFA branch offices

Scottish Life is closing eight of its 18 IFA sales branches with the loss of 12 jobs. It is blaming the cost constraints of the 1 per cent world for the move which will see the closure of its branches in Edinburgh , Liverpool, Newcastle, Nottingham, Southampton, Harrow, Maidstone and Brighton.It says technological advances mean […]

IFAs facing a challenge in income protection sector

Income protection sales sho-wed a “disappointing” 3 per cent rise last year, a further indication that providers are failing to penetrate the market, claims reinsurer GE Frankona.In its survey of the IP market in 2001, GE Frankona says the overall growth in the market was fuelled by sales of budget-style products which offer less coverage […]

Why CP121 is no laughing matter

One of my favourite Morecambe & Wise shows involved conductor Andre Previn, where Eric Morecambe was the pianist.I was reminded of this as I finished my response to CP121. On this occasion, the FSA has eagerly embraced new technology by allowing submissions using a form on its website.This is all very well but it does […]

A guide to automatic re-enrolment

Since the introduction of auto-enrolment in 2012, it has been a popular topic in the press. Recent media focus has been geared towards small and micro employers; however attention is set to return to the UK’s largest businesses as they prepare for re-enrolment. Johnson Fleming has produced a useful guide that provides essential information to help you […]


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