Aifa’s consultation with its members on whether to admit multi-ties is being hampered by low turnout from IFAs.In July, Aifa members were asked to decide whether they want a purely independent trade association under the strict definitions set by depolarisation or to accept whole of market, multi-tied and hybrid firms. But with less than a month before the consultation per- iod closes, Aifa says the majority of its members have not filled in the voting form on its website. Aifa director general Fay Goddard says she is surprised by the level of apathy about the future shape of the trade body and is urging members to vote for their preferred option before the September deadline. She says the limited feedback that has been received has been mixed, with some adv- isers undeterred by a possible 25-30 per cent fee increase necessary to maintain a pur- ely independent membership, and others prepared to take on multi-ties and whole of market advisers. Goddard says: “We want to be sure we are representative of our members but we cannot do that unless members tell us what they want. The last thing we want is for us to go ahead and make changes and then members start complaining. If any of our members have strong feelings about the future scope of our membership they need to say so now. Gaeia Partnership director Brigid Benson says: “I would prefer that Aifa was kept solely for IFAs but I am not surprised there is apathy among Aifa members. We are just exhausted by having to keep up with all the new regulation that is constantly being churned out.”
Multi-manager T Bailey is delighted that the Credit Suisse incubator fund is endorsing its own views on the benefits of holding boutique funds but is critical of its “artificial restrictions” which exclude larger, more established funds.
Middle-aged women divorcees are facing a retirement funding crisis, according to a report from Norwich Union Equity Release. Just 4 per cent of the 440 divorced women aged over 50 surveyed in the report got any of their ex-husband’s pension fund after divorce or separation despite recent legislation giving women a better deal on pension-splitting. […]
If last week’s results from mining giant BHP Billiton are anything to go by, commodities are still one of the most rewarding games in town. Profits nearly doubled to $6.5m, with demand from China still keeping the price of base metals such as copper and iron ore on the rise.
This week Ben Griffiths, City reporter in the London offices of The Herald
Holly Cassell, Assistant Manager of the Neptune UK Opportunities Fund The decision of the Federal Reserve not to raise US interest rates at its September meeting was met with surprise by many, and has been blamed by some as the chief catalyst for the global market volatility that followed. How does this affect the timing […]
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
The curious goings-on in the world of financial services
Experts have played down any immediate moves from the FCA towards those firms that are not prepared for Mifid II regulation that comes into force on 3 January 2018. However, concerns remain that a “material number” of small asset managers have not yet started preparing for the major European regulation. The FCA expects firms to […]
OMGI chief executive and star fund manager Richard Buxton is set to lead a management buyout of the single-strategy funds division of Old Mutual Wealth with the backing of TA Associates. The £550m deal is set to be announced before Christmas, Sky News reports. The buyout is part of Old Mutual’s managed separation, which is […]