View more on these topics

Isa guides “may spark mis-selling scandal”

An outraged IFA is calling for direct brokers to be banned from printing Isa guides claiming they could spark another misselling scandal.

Dennehy Weller & Co believes direct brokers that claim in their Isa guides they have researched the market to recommend the best Isa providers are breaching FSA regulations because many providers pay cash to appear in the guide.

The IFA argues that consumers are being misled into believing they are receiving unbiased advice about which Isas are the best on the market.

But, it claims some companies are being recommended on the basis of the cash they are splashing out to advertise in the guide regardless of their past or current performance.

The IFA says its also concerned some guides break regulations by blurring the distinction between execution-only business, which has a different set of regulatory rules, and business where advice is given.

It also warns that that the situation is set to become much worse with a host of direct brokers setting up internet sites which are being used to publish the guides.

Money Marketing raised the issue two weeks ago amid IFA claims the guides confuse investors. More than £15m Isa guides were being distributed in the run up to April 5.

Dennehy Weller & Co managing director Brian Dennehy says: “This is dangerous as experienced investors are being misled into believing those products appearing in the guides are suitable for their own needs.

“This information must be impartial as it is obvious that if an Isa provider was not prepared to pay large sums to advertise they would not be included in such guides.”


Scott Am launches on-line stakeholder

Scottish Amicable has launched an internet-based stakeholder pension for the IFA channel.The life office&#39s Premier Group Personal Pension is targeted at intermediaries selling to corporate clients and will allow IFAs to deliver and monitor the product on-line.Scot Am says the product will offer significant cost savings to advisers by cutting out the paperwork, and plans […]

NAPF calls for Brown&#39s support

The National Association of Pension Funds is calling on Chancellor of the Exchequer Gordon Brown to reaffirm his support for occupational pensions schemes in this month&#39s budget.The NAPF says a high-profile demonstration of support is vital to stop the decline in the coverage and quality of occupational schemes.It wants Gordon Brown to make a clear […]

Rothschild to take advantage of tech boom

Rothschild Asset Management is to launching a technology-focused fund of funds to take advantage of the tech boom story.The Five Arrows Independent Technology Plus+ Fund is subject to regulatory approval and will be available to investors from April 10.RAM will invest in a range of onshore and offshore technology-biased funds. But it will target funds […]

IF plans IFA marketing push

Halifax&#39s telephone and internet bank Intelligent Finance is starting a £30m marketing campaign targeting intermediaries.The new venture was launched last week and aims to use a number of customer communication channels including IFAs and web-enabled mobile phones to give customers access to personal banking services and mortgages.Intelligent Finance or “IF” says it needs to start […]

Retirement - thumbnail

A downhill stroll?

The Department for Work and Pensions (DWP) has recently published new research, which once again demonstrates how the prospect of retirement is changing for older workers.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm