View more on these topics

McFall’s churn salvo

Treasury select committee chairman John McFall believes FSA chairman Callum McCarthy’s scathing attack on churning shows the Government and industry needs to act on the distribution modelAt a Standard Life fringe event, McFall said the committee’s report on financial inclusion, due in October, will address churning and its effect.

He was glad the FSA was addressing this “root cause” of failings and described commission as incentives that benefit neither consumers nor providers. He said as long as providers compete on commission, the flaws will remain.

McFall praised the regulator in “pulling along” the industry through treating customers fairly and the warning shot from McCarthy.

He said the Government should consider an industry levy for financial capability projects as the FSA resources were “chickenfeed”.

McFall said: “Here we have an industry that is churning its way around. It is not getting to the saver and it is certainly not getting to the right people. There are messages there for the industry and there are messages for the Government that financial inclusion in its wider sense has a long way to go.”


Jefferson to leave Henderson

Henderson Global Investors head of UK wholesale Phil Jefferson is set to leave the group to pursue other opportunities.The move comes following a review that will see Jefferson’s position fall under the remit of Kate O’Neill, who will move from running the group’s £6bn offshore business to head up its pan European wholesale distribution and […]

ABI wants Turner-type probe for LTC

Long-term care should be the next subject of a Turner-style inquiry to tackle future welfare problems, says the ABI. Speaking at the FSA asset management conference, ABI director general Stephen Haddrill said the issue needed to be tackled with the same amount of effort that the Government has put into pensions. Earlier this year, a […]

Find acquires Defaqto

Consumer finance portal Find has acquired Defaqto parent The Independent Research Group.Defaqto, product research business to the financial services industry was recently rumoured to be at the heart of an MBO by several of its directors as venture capital firm 3i – the largest shareholder – looked for an exit route. TIRGL shareholders were advised […]


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