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‘MAS can help spot independent and restricted confusion’

The Money Advice Service says it will be difficult for consumers to understand the difference between independent and restricted advice under the RDR.

Last month, the Chartered Insurance Institute called on the FSA and the MAS to do more to explain the different types of advice available to consumers after the RDR.

Speaking at a Personal Finance Society RDR seminar in London last week, MAS policy lead Francis McGee questioned whether the MAS was best placed to communicate the messages of the RDR.

McGee said: “The scope of the RDR is fairly convoluted and that poses challenges. Think of the treatment of protection business, the treatment of workplace pensions and of legacy business. Then there is the independent versus rest-ricted distinction. This is going to be tough to get across.”

But McGee said inevitably the MAS will be doing a lot of work on the RDR and could help alert the regulator when confusion arises about how advice is changing.

He added: “We might have a role in spotting when RDR messages are not being understood. We must not confuse our job with the regulator’s job, it has to supervise and enforce its own rules. But it could be part of our job to send up a flare if our customers start to tell us they are confused or reflect on why different parts of the process do not appear to be working.”


Argonaut appoints Greg Bennett as investment manager

Argonaut Capital Partners has continued its hiring programme with the appointment of Greg Bennett to the investment team. Bennett worked at Neptune Investment Management in 2002 then went on to work for Marlborough Fund Managers. Working as an investment manager, Bennett’s role will be to support Barry Norris and Olly Russ, the founding partners of […]


FSA rolls out assessment programme for small firms

The FSA is rolling out a programme of workshops and follow-up visits later this year as part of its supervision of small firms. The regulator’s ‘small firms regional assessment programme’ will follow a similar format to its treating customers fairly initiative which included roadshows, assessments and follow-up visits. It follows a pilot with 55 firms […]

Roberts aims to continue HMRC dialogue as he takes over chair at Amps

The Association of Member-Directed Pension Schemes has appointed Barnett Waddingham partner Andrew Roberts as chairman. Roberts replaces Rowanmoor Pensions head of pensions technical services Robert Graves, who is stepping down as chairman but has been re-elected to the Amps committee. Roberts says: “Our focus this year will be to continue to work closely with HM […]

Neptune to launch global long/short fund

Neptune is to launch a global long/short fund. Money Marketing understands the fund will be managed by Robin Geffen and is set to launch in the next couple of weeks, Geffen founded Neptune in May 2002 and manages a raft of funds at the firm including the income, quarterly income and Russia and Greater Russia […]

Seeking quality in uncertain markets

By Ewan McAlpine, Senior Client Portfolio Manager In uncertain times, investors naturally seek safety. But in fixed income markets, what does that really mean? Ewan McAlpine outlines the approach RLAM’s Fixed Income Team will be adopting across its credit funds in response to potentially volatile markets this year. Click here for full article


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