View more on these topics

Life office backers keep IFAP on independent path

The 11 UK life and pension offices behind IFA Promotion have unanimously voted to keep IFAP promoting independent advice in the depolarised world.

All 11 board members called for IFAP to maintain support only for IFAs rather than tied, multi-tied or whole of market commission-only advisers.

In order to remain on the database of 9,000 firms, IFAs must meet IFAP’s definition of independent financial advice. The criteria for receiving referrals are having at least one investment adviser and offering independent advice on the firm’s top eight product areas.

Chief executive David Elms admits that, for some consumers, a tied or multi-tied firm might be the right choice but to make that decision, consumers must fully understand an IFA’s value and the fee and commission options open to them, which will be made clearer under the menu.

Elms says: “Historically, I do not think that IFAs were properly explaining what they did. IFAs are a professional service and do not do stuff for free. The only gold standard is independent financial advice.”

Morgan Peterson principal Lesley-Anne Creffield says: “Given the true sense of the word independent, this is a good move. If an adviser cannot offer a full range of products, it can be misleading for the public going on to a website for independent financial advice.”

Recommended

‘Pay more attention to losses’

Multi-managers should focus on the maximum losses suffered by funds in their portfolios to best manage risk, says Dutch multi-manager Insinger de Beaufort.

Tenet networks take over at top of league

Tenet networks have taken over from Berkeley as the most popular network with members, according to research by Henry Samuels Marketing Services.

Two new board members at St James’s

St Jamess Place Capital has announced the appointment of two new board members with Simon Gulliford and Mike Power joining as independent non-executive directors. The move follows the retirement of Lord Weir and Anthony Loehnis.

Benefits of using a probate bare trust

Have you ever wondered what happens to someone’s investment bond on their death if it is not written in trust? When someone dies it is essential to deal with their estate, which can be made up of their home, belongings, investment bonds and anything else they may have owned. But, it is not as simple […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com