View more on these topics

LIA should have stayed silent on polarisation

I am sure this is not the first letter you have received from an IFA on

polarisation but I feel I must make my point. I have been a member of the

LIA for more than 15 years, during which I think that I have been

supportive of the organisation, notwithstanding that I have felt, from time

to time, that you have deserved criticism.

Even in my very earliest days as a member, I remember well having my say

about your sitting on the fence over certain issues and it seems that:

“Plus ga change, plus c&#39est la meme chose.”

One of the expressions I used previously was that those who sit on the

fence often hurt their private parts. It would appear that you have done

the same again. I think there are two truisms, first, you can&#39t please all

of the people all of the time and, second, another one of my heartfelt

complaints is that you seem to make policy decisions without a franchise.

I can&#39t remember being canvassed as to my view. When it suits you, you

labour the point of being a democratic organisation but the way you operate

seems to owe more to lessons learnt from the Kremlin than the Electoral

Reform Society.

To the matter in hand concerning your much publicised view on

polarisation. If it were not for the fact that I have worked to obtain the

qualifications and will need to continue paying subscriptions in order to

continue to use them, I would have resigned forthwith.

That is the only reason that I now stay a member. As a point of principle,

I am no longer prepared to support the LIA in any other way whatsoever. I

feel that in this instance you really have gone too far.

I appreciate that yours is a broad church and you want to please both

camps. In this case, I think a prolonged period of silence would have been

appropriate rather than risk alienating your IFA constituents.

You were under no compulsion to have your tuppence-worth and sometimes

keeping your own counsel is the wisest course.

It would not surprise me if this latest action has been one of your most

damaging to date and you certainly seem to have handed your detractors a

club with which to beat you. It seems that what many of us have suspected

for a long while is now indeed the case – you are the representatives of

the direct foot-in-the-door salesmen and have been paying only lip service

to the independent sector.

At least your assertion that there are companies whose products are so

narrow or poor that they need access to others is of itself a vindication

of the principle of independent advice.

If you or others felt that the independent sector were not independent

enough, the logical course would have been to strengthen polarisation and

perhaps constrain the panel system rather than propound a course that would

lead to the dilution of independent and impartial advice.

It is with regret that I have written this letter.

Harry Katz

Norwest Consultants




Complex bill must have more time

Why so little comment on the committee stage of the Financial Services andMarkets Bill wending its torturous way through the House of Lords withnearly 1,500 amendments being debated and more to come?This bill is intended to replace the 1986 Financial Services Act which wasitself rushed through Parliament with numerous quirks and flaws that MMcolumns attest […]

Nice to be in control

If anyone is still able to follow David Playfair&#39s logic(?) (MoneyMarketing, March 30), let me briefly finalise the issue.I confess to ignorance but only of clairvoyance, not product knowledge.My own circumstances allowed me to finish a 25-year mortgage in 14 years,paying what I wanted when I wanted, not whatever was demanded whether Iliked it or […]

Line of the times

If you asked a financial business two years ago whether call centresgenerated pro-fit or were simply a necess-ary evil, 100 per centwould have ans^_wered the latter, claims Data^_mon^_itor consultant SteveMorrell.The traditional image of a call centre is a noisy, jam-packed roomwith badly paid employees answering continuous calls from distant clients.Boards flash up, announcing the number […]

Tesco yanks out Barclays cash machines

Tesco has announced that it is pulling out more than 70 Barclays cash machines from its supermarkets.The move is being touted as the grocery chain&#39s reaction to Barclays&#39 decision to charge non-customers a pound fee per transaction on their machines as of January 1.To replace the withdrawn machines, Tesco will install ones from its personal […]


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