View more on these topics

Multi-tie to everyone for Sipp and SSAS business,says FSA

The FSA is urging advisers who want to continue advising on complex pension business such as Sipps and SSASs to multi-tie to everyone in the marketplace.

Many in the industry say they are surprised by the statement which they claim goes against what the regulator&#39s proposed changes to the polarisation regime are trying to achieve.

Industry commentators say the only difference bet-ween a distributor firm tied to the entire marketplace and an IFA is in the name and the fact that the former can still work on a commission basis.

Because of the wide variety of investments involved in Sipps and SSASs, the FSA says firms tied to a small number of providers would have difficulty in advising upon and selling them.

An FSA spokeswoman says: “You can multi-tie to everyone in the market if you want to, so if you are selling these products, you can multi-tie to everyone.”

LIA director of public affairs John Ellis says: “This goes against the spirit of what the FSA is trying to achieve. That is not in the spirit of multi-ties at all.”

Hargreaves Lansdown pensions development manager Danny Cox says: “That suggestion certainly seems to defeat the object of independent multi-tie. I would suspect that most IFAs in the Sipps and SSASs market would remain independent and start charging fees if they do not already.”

Recommended

Invitation to Davies

I recently sent the following letter to Sir Howard Davies and thought you might be interested in my invitation. I wonder if Sir Howard will take up my offer?“Dear Sir Howard. As a partner in a small town practice of independent financial advisers, I am writing to extend an invitation for you to spend a […]

Friends, NU and Widows buying 40 per cent Assuresoft stake

Friends Provident, Norwich Union and Scottish Widows have taken a combined forty per cent share in Misys-owned IFA electronic portal Assuresoft.The portal was bought by the Misys network stable as part of its purchase of DBS last year. The move will see the three companies invest a total of £9.2m in Assuresoft ltd taking their […]

Dirty Laundry

In the context of the financial war on terrorism, FSA chairman Howard Davies warned offshore centres in late September that they would be expected to do more to demonstrate that they are meeting international standards of best regulatory practice.This reflects sentiment expressed by Gordon Brown about information exchange, as well as President Bush&#39s comments regarding […]

New appointments for FOS board

The FSA has appointed five new non-executive members and reappointed four current members to the board of the Financial Ombudsman Service.The five new members are the ABI&#39s industry standards group chairman Lawrence Churchill, West Bromwich Building Society non-executive director Ed Hucks, former Housing Association Tenants Ombudsman Roger Jefferies, NSPCC chairman Chris Kelly and the Independent […]

Tax avoidance (the fight goes on)

In recent times, we have witnessed high-profile celebrities and sports stars make the headlines for potential tax liabilities on ‘failed’ tax avoidance schemes. We are now used to reading about these individuals, but what about those who advise on such schemes? Read more

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com