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LibDem warns Govt over commission crackdown

The Government will risk throwing the baby out with the bath water if it follows recommendations to crack down on IFA remuneration through commission to prevent misselling, warns Liberal Democrat MP Normal Lamb.

Treasury select committee member Lamb urged colleagues to consider whether calls for tighter restrictions on commission for advisers recommended by Ron Sandler and the committee could destroy IFA networks.

Witness Paul Myners, author of the Treasury-commissioned review into institutional investment, denied that tough action over commission would mean the IFA sector disappearing.

Lamb said: “We are in danger of throwing the baby out with the bath water. In the future, not all these products will be sold by all advisers. Is there not a concern that these measures could destroy the network of IFAs?”


Sesame hit by weak markets

Misys is blaming continued weakness in the long-term savings and investment markets after financial services sales fell by 16 per cent in the six months to November 30. Total revenue for its financial services businesses, including mega-network Sesame, Sesame Insurance Services and Assureweb, was £195m compared with £233m in the previous year. The businesses made […]

&#39Providers have created atmosphere of mistrust&#39

Labour MP Angela Eagle has blamed product providers for creating “market failure on a massive scale” in the financial services sector and damaging consumer confidence. Speaking at a Treasury select committee hearing on restoring confidence in long-term savings last week, Eagle told witness Ron Sandler she blames providers for perpetuating an atmosphere of mistrust in […]

AITC calling for levy to fund financial education

The Association of Investment Trust Companies is calling for a levy on product providers to fund personal finance education for consumers. Supporting the Personal Finance Education Group&#39s Excellence & Access project, the AITC says if significant progress is to be made in extending the public&#39s financial capability, funding of the initiative needs to be boldly […]

Mark Chilton on Mortgages

The whole industry is focusing on the impact of the last quarter of 2003, but I believe a more fundamental challenge to the independent broker, who makes up the majority of our market, will come from the introduction of the seller&#39s pack. First a few words on why these proposals are not just wrong but […]

Why prevention is better than cure

Quoting the famous adage, prevention is better than cure; there are many proactive benefits that can improve wellness in the workplace, decrease stress, increase staff morale and reduce absenteeism, as well as attracting and retaining employees of a higher standard. With a recent study showing that employees in Britain are working below peak productivity, preventative benefits can ensure you address potential health issues or causes of stress at their source and ensure productivity in the workplace remains at an optimum level. With this in mind, how are you using preventative benefits to help keep your workforce happy and healthy?


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