The Master of the Rolls and OFT are at loggerheads over referral fees to organisations, including mortgage firms, with the senior judge branding them “a mistake”.Master of the Rolls Lord Phillips of Worth Matravers (above) says referral fees paid by solicitors to IFAs and brokers could poten- tially damage the profession’s independence and integrity. He believes the fees ultimately increase costs to clients. But the OFT said banning referrals is unlikely. Under existing rules, it says clients should be made fully aware of referral commission paid to solicitors. The Law Society met last week to discuss what impact paying referral fees has had since the practice was introduced in January 2004. A decision on whether the practice should continue has been deferred until next January. Spokeswoman Isobel Rowley says: “Two important stakeholders are on different sides of this issue. No one is asking for anyone to unscramble any relationships.” Clarke Willmott partner & legal financial adviser Peter Nellist says: “It would be a retrograde step if this was overturned.”
It has been estimated that age discrimination costs the UK economy upwards of 31bn a year. Stereotypes about age are part of the culture in many offices. For older workers, these unfair and unjust prejudices mean they can struggle to get a new job, get training or be awarded a promotion and are often forced […]
The spiralling cost of acquiring high-net-worth clients is persuading more IFAs to use e-marketing to attract new business, according to research by MDRC for Winterthur Life. It found that the cost of acquiring new wealthy clients has increased from 3,850 per head in 2002 to 5,271 in 2004. E-marketing as a means of generating leads […]
New Star has confirmed Phil Wagstaffs appointment as managing director of its UK retail sales and marketing operation.Wagstaff will start in September and was most recently managing director of M&Gs UK retail business with 15bn under management. He will report to Mark Skinner, New Stars managing director of sales and marketing.
John Scott & Partners says the redundancies as a result of it buying Charcol Holden Meehan and Charcol Aitchison & Colegrave are necessary because of duplication of roles. The firm says some staff went because they did not have the skills to develop long-term relationships with high-net-worth clients in a fee-based environment. At the end […]
A survey conducted by Johnson Fleming at the Pension & Benefits Show 2014 highlighted the key challenges faced within organisations post auto-enrolment. The results showed that communicating the changes and the value of them to staff, and receiving timely data from the payroll provider proved to still be the most challenging aspects of managing an auto-enrolment scheme.
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BMO Global Asset Management fund manager Robert Burdett has more than halved the exposure to passive funds in most of the multi-manager funds amid fears of a bubble in the market. Burdett, who co-manages the £1.2bn F&C MM Navigator Distribution fund with Gary Potter, says the team has been cutting exposure to passive funds across […]
Opinion differs as to what has caused the advice gap. Some believe the move from commission to fees has made advice unaffordable for the mass market, with advisers having to focus on wealthier clients for commercial reasons, while others say the trend was happening anyway, regardless of the RDR. For Simplified Money director Lesley James, […]
Sales of protection policies are back at peak levels, with the sector growing by more than 20 per cent in the past year, despite adviser complaints over protection’s lack of popularity. According to the latest figures from Equifax Touchstone, sales of protection policies surpassed £149m between July and September this year — their highest level […]