View more on these topics

Inter-Alliance FSA permissions updated

The FSA has updated its register to clarify Cyprus-based firm Inter-Alliance Worldnet Insurance Agents and Advisors is not permitted to conduct Sipp business in the UK under its passport.

The firm has submitted Sipp business to providers such as Hornbuckle Mitchell and Curtis Banks through its UK branch. Both Sipp firms have ceased dealing with Inter-Alliance and are recommending that clients introduced to them through the firm should appoint a new IFA. Neither firm is levying Sipp admin charges on these clients. Both firms say they are satisfied with their due diligence on the firm.

A recent update to the firm’s entry on the FSA register states the firm’s UK passport only covers the Insurance Mediation Directive and therefore Inter-Alliance has agreed not to submit any further Sipp cases.

The register says: “The FSA has not imposed any formal requirement on Inter-Alliance Worldnet Insurance Agents and Advisors Ltd’s inward branch passport.

“Inter-Alliance Worldnet Insurance Agents and Advisors Ltd voluntarily agrees not to carry out the activity of advising on or arranging deals in personal pensions schemes – conducting Sipp business – on the basis that its authorisation pursuant to the Insurance Mediation Directive passport does not permit it to conduct such business.”

Recommended

15

Talks on private sector replacing Nest

The Government is holding talks with product providers to investigate the possibility of scrapping the National Employment Savings Trust and making it profitable for the private sector to fill the gap. Money Marketing understands the talks are taking place as part of the Government’s review of Nest, which is due to report next month. The […]

Strategic bond choice clouded

Alliance Trust Asset Management head of fixed income Rod Davidson has warned of a lack of transparency in the strategic bond sector. He says a derivative overlay strategy as well as a disparity between what each fund is doing in the sector can make it hard for investors to choose the appropriate fund. Davidson says: […]

13

Cummings calls for IFA unity

Outgoing Aifa director general Chris Cummings has urged IFAs to come together to prove to the Government that the sector is a “core part” of the future of financial services. In his final column for Money Marketing as director general of Aifa, Cummings says IFAs have spent too long fighting internal “wars”. He says: “I […]

24

Loading premiums row splits industry

Advisers and some product providers have hit out at the practice of loading premiums, where distributors are asking providers to inflate premium rates so they can take a higher slice of commission. But other product providers argue that a small premium loading can be justified in certain circumstances. Aegon head of underwriting and claims Matt […]

Boosting our annuity strategies

Targeting annuity purchase in lifestyle strategies isn’t anything new but we’ve just lifted the bonnet and injected an enhancement shot into the end-point of these solutions. The recent volatility has shot short-term volatility into equity markets and painted a very turbulent backdrop but we’re also equally faced with a stressed fixed interest environment. This can […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment