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Legal hurdles will stop factoring ban

The FSA will not be able to legally impose a blanket ban on factoring in the retail distribution review, says Sesame.

Chief executive Ivan Martin told delegates at the Money Marketing RDR and Economic update last week that the inclusion of factoring will be a big contributor to the success of adviser charging.

He said: “It is one thing to ban product provider factoring but another thing entirely to ban factoring in totality. I do not think it is legal to do so.”

Bankhall managing director of IFA services David Golder said: “The idea that the FSA can kill factoring is absolute nonsense without a complete change of regulation.”

The FSA is looking at banning factoring under the RDR but says it will listen to arguments for standardised factoring and commercial factoring as part of the consultation process.


Green shoots and red faces

We all let out a huge, collective sigh of relief as we sat in the packed-out auditorium listening to the king of the FTSE addressing this year’s National Association of Pension Funds investment conference in Edinburgh yesterday.

Friends ends talks on F&C AM sale

Friends Provident has pulled out of discussions over the potential sale of F&C Asset Management. After talking to a number of interested parties, Friends says it now intends to divest its holding to shareholders.

‘Bridge the exam divide with CPD’

The Association of Independent Financial Advisers is calling on the FSA to allow advisers with qualifications made up of QCA level 3 and 4 components to bridge any gaps with CPD.

UK gilts: Shaken and stirred

Mike Riddell, fixed income portfolio manager at Allianz Global Investors, reviews the performance of the UK government bonds market post-Brexit and assesses its future prospects, as well as giving his outlook for global fixed income markets and yields movements. In addition, he provides a brief analysis of the impact of Brexit and the Bank of […]


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