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Mifid effects exaggerated

Unsurprisingly, as a support provider, we take issue with Stanley Lovell’s somewhat scare-mongering statements in the article headlined, Support service firms will start to fade away, in Money marketing last week.

He has exaggerated the effects of Mifid, which will in any event affect only a small number of firms handling client money. Lovell also appears to have failed to understand how support providers operate.

Our clients, and those of the bulk of support providers, are free to run their own businesses simply using us as consultants in an advisory role. We provide support in product research but make no attempt to force client firms to use that research.

The evidence suggests that the network model is, in fact, the model most likely to disappear over the next few years, as many already have. Network members are voting with their feet and leaving organisations which impose an additional level of rules on them – often much more restrictive than anything which the regulator would dream of applying.

Independence is a valued status and firms are not likely to be giving it up in order to accept the restrictions imposed by networks and multi-ties.

David Ingram

Partner, threesixty services, Cheadle Hulme, Cheshire

Money Marketing Money MarketingJohn LappinJames PhillippsAndrea TryphonidesPaul McMillanSam ShawJames Salmon, Guy AnkerRavneet AhluwaliaMatt GoodburnPhilip ScottNicola YorkRoger PackerGary WestAlison JolleyAmanda NewmanAnna RuddockDevika CampbellGareth Tudman Julia O’Brien,Elaine O’GradyEmma Hashem,Rory Wilson,Chris Bond,Simon HadleyNita Patel,Amanda Shaw,Denton ZeemanJulia StuartLisa O’RourkeTim Potter,Sam StroudPatrick Ponsford


Burn-Anderson multi-tie flops but profits soar

Burns-Anderson has posted a 500 per cent increase in profits but says take-up of its new multi-tie proposition has been negligible. The Bristolnetwork says it made a profit of 325,714 in 2005, up from 52,854 the previous year. Chief executive Mike Hughes says the company will now begin to concentrate on developing its wrap proposition […]

Lockyer quits financial services

Former Berkeley Berry Birch chief executive Cliff Lockyer has ended his 34-year career in financial services after stepping down as chairman of Synaptic. He is replaced by Tory MP John Maples whose roles have included deputy party chairman and Shadow Foreign Secretary as well as having been chairman of Saatchi and Saatchi Government Communications for […]

IFAs not prepared for Hip introduction

Almost half of IFAs have made no provision for the introduction of Home information Packs, it is revealed today.With only a year to go until Hips become compulsory, joint research from conveyancer Easier2move and mortgage network PMP shows that almost half (45 per cent) of IFAs have made no preparation for the introduction of Hips […]

Quality advice v clients’ needs

An IFA recently said it was not their responsibility to create obstacles when a client expressed a desire for a particular product. Customer service dictated that the client should be given what they asked for, regardless if it was the right product or not.


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