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Menu presents &#39signifcant challenge&#39 to multi-ties – Bankhall

Bankhall business development director Peter Mann believes the introduction of the Menu will put networks and support services providers in a stronger position, as customers will be able to see more clearly whether their adviser is choosing from a wide range of products or not.
Mann says: “The equivalence of disclosure part of the Menu will mean advisers will have to show clients the rate of disclosure before they give them any advice which will include the cost of advice whether paid through fees or commission. They will also have to show comparative costs of the product if it was sourced from other distribution channels.”
Mann believes the new Menu requirements will present a challenge to sales forces and tied advisers, he says: “The Menu will give whole of market IFAs the opportunity to show the consumer the range of sources he has looked at.”


Menu to be branded Key Facts

The Menu will carry the Key Facts logo and is entitled &#39Key Facts: A Guide to the Cost of Our Services&#39, the FSA has revealed. Advisers will be obliged to hand it out to consumers at the beginning of the process alongside the Initial Disclosure Document explaining what time of advice they are permitted to […]

Bankhall signs Paymentshield deal

Bankhall has signed a deal with mortgage and payment protection insurance provider Paymentshield to provide its 16,500 agents with a compliance and product service.

FSA says Menu will reduce overpaying risk

Firms will be required to present clients&#39 payment options and illustrative commission amounts for the firm and the market in a standardised format under the FSA&#39s new pricing menu.The FSA says the move should mitigate the risks of consumers paying too much for financial advice, as it expects the Menu &#45 which will show both […]

IF hits break even

Intelligent Finance says it has achieved its target of breaking even by the end of last year and had assets of £15.5bn at December 31, 2003. The bank says it would be the UK&#39s 12th largest lender if viewed as a standalone business and now has 820,000 customers. IF chief executive Grenville Turner says: “IF […]


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