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LIA wants degree but not fees

The LIA calls for a degree-standard professional adviser qualification in its response to the review and argues against a switch to fees.

It says the development of a degree should pay more attention to investment strategy.

Up-front commission may cause problems in product design, it admits, but says fees are “the ultimate form of front-end loading, unless they are paid in instalments.” It says fees would not reduce the incentive to oversell and a maximum commission agreement would run into difficulties with competition authorities.

The LIA does not believe the public wants to pay for advice for which the end result is not a solution or product. It says: “Replacement of mediation by free-standing “financial health-checks” might leave many consumers unsatisfied.”

The response questions if Government departments or regulators have the expertise to “second-guess” the market without distorting it, arguing product creation is a commercial role for market providers.

Towry Law product services director Charles Levitt-Scrivener says: “It is a nice idea to take AFPC to the next level up to degree standard, but it would be overkill for talking on the phone about an Isa.”


Old Mutual unveils new multi-manager platform

Old Mutual this week finally revealed the name and charging structure of its new multi-manager platform, formerly codenamed Project Mars.The new platform, to be called Selestia, is set to start next month and will initially offer more than 150 funds from 24 providers.Initial charge is 5 per cent although clients will also have the option […]

N&P cuts fixed rates on Costa del Sol

Norwich & Peterborough Building Society is cutting rates on its fixed-rate sterling mortgages for UK borrowers buying property on the Costa del Sol.It is lowering its two-year fixed-rate loan from 5.74 per cent to 5.49 per cent. Minimum loan is £40,000 and maximum loan to value is 65 per cent.The five-year fix is cut from […]

Berkeley Morgan launches IFA services business

IFA and financial and insurance services provider Berkeley Morgan has launched Berkeley Morgan Xchange, offering intermediaries a programme of compliance, training, agency negotiation, branded websites, IT, design and PR.The new service also provides corporate advice for companies looking for capital to grow their business or considering market listing.Berkeley Morgan will get fee income from the […]

PIA revokes suspension of Complete Financial Services

The PIA has revoked its suspension of Croydon-based IFA, Complete Financial Services, after it agreed to comply with an Ombudsman award made against it last year. The IFA was suspended on September 10.

Neptune Global Income: Is Japan the best dividend market in the world?

By George Boyd-Bowman, Fund Manager at Neptune The Neptune Global Income Fund seeks exposure to the very best – and often overlooked – income opportunities from across the world. Unconstrained by benchmarks, the fund currently has 24 per cent invested in Japan, differentiating the high conviction portfolio from many of its peers. Watch Neptune Fund […]


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