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Majority of IFAs want to become PFPs, says Aegon

Eighty per cent of IFAs will seek to become professional financial planners under the FSA’s proposals, according to research by Aegon.

Results of the Aegon IFA Insights Survey show advisers want to maintain the independent label, with 69 per cent saying it’s important to their clients.

None of the IFAs questioned say they would consider becoming a primary adviser working for a bank or insurer, while 76 per cent believe many consumers cannot afford full advice or find an adviser willing to advise them.

Aegon head of business regulation Steven Cameron says: “The research was carried out a few weeks after the discussion paper was published so it’s not surprising to find a degree of concern among IFAs about some of the FSA’s proposals. However the majority agree with three out of the five market problems identified by the FSA, so there is clear acceptance of the need to act.

“In particular IFAs agree that lack of consumer access to full advice is a significant problem for the industry. Our research indicates it’s likely full advice will be available to fewer people in the new regime as IFAs move to the top of the advice spectrum and are able to serve fewer clients.

“This means it’s imperative the debate moves on to focus on how best to serve the remainder to close the advice gap. IFAs broadly agree there are issues to resolve so, where they don’t agree with the FSA’s proposed solutions, we need to come up with better solutions. Now is the time to think creatively.”


FSSC widens scope of training accreditation

The Financial Services Skills Council’s Accreditation board of Training Excellence for Providers is allowing a wider range of evidence to be submitted so that trainers can demonstrate their expertise and gain accreditation.The scheme is designed to demonstrate that training by accredited providers will add real value to their customers. The accreditation process involves audits for […]

Woolwich cuts two year fix to 5.59 per cent

Woolwich has cut as much as half a per cent off its fixed rate mortgages and says it will maintain tracker rates at current levels.From September 25 Woolwich is launching a raft of lower fixed rate mortgages at rates as low as 5.59 per cent for two and five year deals. The five year rate […]

Darling should resign over Northern Rock, says Edeus chief

Edeus chief executive Michael Bolton has called for the Chancellor’s head over his handling of the Northern Rock crisis and also lashed out at the Bank of England.He says the decisions of the Chancellor and the Bank of England have cost UK shareholders £5bn. Bolton says: “The chancellor of the exchequer should resign over this. […]

LibDem conference: Fierce attack on Brown and regulators over Northern Rock

Blame for the problems facing Northern Rock rests with greedy executives, “lax and indulgent” regulation and a complacent Government, say the LibDems.Speaking at the LibDem conference in Brighton today, Shadow Chancellor Vince Cable focused his attack on Gordon Brown suggesting his economic policies have been built on a “floodplain” that may well soon be tested […]

What triggers the MPAA?

Jim Grant – Senior Product Insight & Technical Support Analyst There’s sometimes confusion around what triggers the money purchase annual allowance. Find out what does and what doesn’t trigger the MPAA. The money purchase annual allowance (MPAA) is a reduced annual allowance that can apply to contributions to defined contribution (DC) schemes. The following table […]


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