View more on these topics

Lighthouse is open to restricted advice choice

Hickey: ‘May be too onerous’

Lighthouse Group chief executive David Hickey says the company will move into the restricted advice sector if its 800 advisers show a demand for it.

Hickey says taking the restricted route will be no easier for advisers in terms of qualifications but he believes that some advisers may still prefer that option.

He says: “The logic behind restricted advice is less to do with qualifications and more to do with the FSA saying to firms that if you are whole of market from January 1, 2013, we expect that you know about hedge funds and the mechanics of ETFs for example. It may be that some see that as too onerous.”

This week, Lighthouse posted profits of £117,000 for the first half of this year, double the £56,000 profit in the first half of 2009. Revenue increased by 11 per cent to £32.6m from £29.3m.

Hickey says he expects to see the company’s market share rising as a result of the retail distribution review.

He says: “It is impossible for the big life companies and investment groups to maintain these huge broker consultant networks which go countrywide to see small organisations as the cost is simply too high. They are starting to focus on bigger firms like Lighthouse.”


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