Retrospective misselling com- pensation campaigns are “festering sores” that blight the industry, says Alpha to Omega network chief executive Stewart Wooles.He is calling for a clear and legal definition of misselling, saying the FSA’s treating customers fairly policy can result in advisers being treated unfairly, particularly with retrospective regulation changes. Wooles believes that enc- ouraging consumers to claim compensation because stockmarkets have underperformed is dishonest. He says: “Why should you, because of compensation companies, be able to whip up a furore because you have not got the return you wanted? From the experience of many of our own members, a substantial and growing number of these claims are based on knowledge, standards, practices and regulations not existing at the time that the contract was agreed. “If the Government wants everyone to have access to appropriate levels of financial protection, encourage the savings culture and make provision for retirement, it must focus the FSA on removing the festering sore of retrospective misselling and commit to reducing excessive regulation.”
In my last article, I began to look at the short-term prospects for investments in the major asset classes of equities, fixed interest, cash and property. I concentrated on the commercial property market, paying particular attention to funds investing directly in property. In this article, I will conclude this part of the discussion and move on to look at funds investing in property shares.
Synaptic Systems is offering a free guide for advisers on ethical and socially respon-sible investments in association with Friends Provident. The IFA software provider says the guide includes the first online video portal to promote asset managers and products with an ethical investment discipline enab-ling advisers to access fund manager interviews from Asset.TV. Synaptic says […]
The ABI is changing its rules under which providers of investment funds in the life and pensions sector report their past performance data to ensure each fund appears just once in performance tables.
Leeds & Holbeck Building Society is cutting its 5-year fixed rate shared ownership mortgage to 4.99 per cent.It has no higher lending charge and customers can borrow up to 100 per cent of their share.The product is available immediately, while Leeds & Holbeck will become Leeds Building Society on September 12. The 4.99 rate is […]
As more and more providers start to reveal their stance on the charge cap and removal of commission and active member discount pricing, we thought it would be worthwhile to look at what these are, and the steps businesses should be taking to prepare for this.
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Transact saw funds under direction marginally increase to £29.8bn in the second quarter of 2018, according to a stock exchange announcement from parent IntegraFin Holdings. IntegraFin listed on the London Stock Exchange in March with a £650m valuation. In a Q2 update today, the company says funds under direction at the close of the three-month […]
The impact of weaker markets saw funds under management at St James’s Place drop in the first quarter of the year, when compared to its Q4 2017 result. In an update this morning, SJP says funds under management at 31 March 2018 were £89.9bn, down from £90.8bn in the previous quarter. On a year-on-year basis, funds under […]
The Department for Work and Pensions expects to spend £96.6bn on the state pension in 2018/19, a 3 per cent increase on the year before. The DWP has detailed its cost estimates in a memorandum sent to the work and pensions select committee, published on its website yesterday. The latest forecast for state pension costs […]