View more on these topics

Multi-ties a done deal, claims Bankhall chief

Scrapping polarisation and introducing multi-ties is a done deal, according to Bank-hall, which claims to be better prepared than traditional networks for the new regime.

Speaking at Bankhall Inv-estment Associates&#39 annual convention in Monte Carlo, Monaco last week, IFA support services group director Paul Hogarth said the advent of multi-ties is a question of when rather than if.

He believes other networks will have no option but to embrace multi-ties as they will not be able to give members the option of rem-aining fully independent bec-ause the product and provider panels they operate already limit the scope of their independence.

Hogarth said networks with panels of six providers for products such as stakeholder already resemble multi-tied arrangements.

Bankhall said it is considering how to restructure its business for multi-ties.

It said it may make nursery network Investment Strategies a multi-tie and retain Bankhall Investment Associates as fully independent. However, Bankhall said it is more likely to offer the two options under both those parts of the business.

Hogarth said despite the changing market, it is a good time for the IFA sector which is responsible for 75 per cent of UK life and pension business while the tied sector is dwindling.

He said: “Multi-ties are a done deal but there are lots of questions and few answers. By good luck rather than good management, we are in a perfect position to give members a choice and can offer multi-tie and independence. Other networks will only be able to embrace multi-tie – they have no choice.”

Misys spokesman Paul Charles says: “Misys is well positioned for changes but until the FSA lays out what the new structure will look like, no one knows the make-up.”


Bank of England cuts rate by 0.25 per cent

The Bank of England has again cut the UK base rate by 0.25 per cent to 4.5 per cent, bringing interest rates down to their lowest level since 1964.This comes two weeks after the unscheduled interest rate cut following the terrorist attack on New York, also of 0.25 per cent.The Bank of England says the […]

A&L group managing director resigns

Alliance & Leicester group managing director Peter McNamara has resigned after 15 months following a restructuring of the bank’s executive directors. Executive chairman John Windeler is expected to stay in his existing role, while group finance director Richard Pym will step to managing director, retail banking.

Kim North

During my working life, I have been many things – company representative, financial services marketing account handler, technical and compliance consultant and founder of an IFA firm. During this period of over 20 years, I have been lucky to have benefited from many types of training from excellent interactive sessions to those where you wonder […]

Sun Life Financial of Canada is still alive and kicking

I am writing regarding the recent article in Money Marketing concerning the acquisition of Sun Bank, our former sister company, by Portman Building Society.Towards the bottom of the first column, there is a state-ment which says: “Sun Life Financial of Canada is known to be keen to leave the UK market.”It is, of course, true […]


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