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Networks back MPs’ call for delay to RDR

Big distribution firms have thrown their support behind the Treasury select committee’s call for a 12-month RDR delay suggesting it would ensure large numbers of consumers do not lose access to decent advice.

Sesame believes the delay, called for in a TSC report published over the weekend, will ensure 500,000 clients continue to receive advice from around 2,000 advisers who may otherwise leave the industry.

Chairman Ivan Martin says: “A delay would enable more advisers to get across the RDR finishing line and reduce the advice gap that could otherwise deprive people of the valuable service they receive from their adviser.”

Openwork believes the 12-month period would allow a further 5-10 per cent of advisers to remain in the industry. Recently appointed chief executive Mary-Anne McIntyre says: “Spreading the load over two years rather than one will be a fantastic help at a very difficult time for advisers.”

SimplyBiz joint managing director Matt Timmins agrees a 12-month delay would be a positive move for the industry and consumers. He says: “While we have known about the RDR for some time now, the fact is we are still dealing with consultation papers and waiting for the final rules to be issued. Furthermore, it has taken a great deal of time for alternative exam routes and more alternative assessment routes to become available.”

Threesixty Services commercial director Phil Young says: “Clearly, the delay has its merits and would help a lot of advisers get their businesses and qualifications in place.”

But Duke Street partner Miles Cresswell-Turner, whose firm owns a major interest of IFA UK Wealth Management, says: “If the FSA start to move on the date we will end up with a watered-down version of the RDR.”

Syndaxi Chartered Financial Planners managing director Robert Reid says: “Advisers have had years to get themselves sorted and that is what they should have done.”


Nationwide reduces rates by up to 0.3%

Nationwide Building Society is to reduce the majority of its two and three-year fixed rates for new applicants by up to 0.3 per cent. The changes, which come into effect tomorrow, will see all of the building society’s two-year fixed rates above 60 per cent loan-to-value drop by 0.2 per cent and will see all […]


Cicutti: Advice or sales?- make the choice

It was to be expected really. No sooner had I written about the dangers of selling financial products than a wave of comments followed from IFAs who not only believe it is a vital part of the advice process but also feel they have failed their clients because they did not sell hard enough. In […]

Aifa wants RDC role in deciding early warnings

Aifa says the FSA’s independent appeals committee should be given the power to decide whether ongoing enforcement investigations should be publicised under the new regulatory structure. The FSA’s regulatory decisions committee hears appeals against enforcement and authorisation issues and supervisory decisions. It is made up of external committee members from the industry who report to […]


Treasury prepares to investigate linking Isas and pensions

The Treasury is preparing to open discussions with the industry on the practicalities of linking Isas and pensions. A Treasury email, seen by Money Marketing, reveals plans to hold two workshop sessions in the next two weeks in an effort to “gain views and insight into current market developments in better linking liquid and pension […]

Strong dollar can be a powerful driver of UK dividend growth in 2015

By Robin Geffen, fund manager and CEO 

This year threatens to be a challenging one for UK dividend hunters. Last year saw an all-time record amount paid out in UK dividends — some £97.4bn, according to research from Capita Dividend Monitor. Yet as Capita also pointed out, out the biggest single factor driving the growth in the fourth quarter of last year was easy to identify: the rising US dollar. 

In our view, this trend is much more than simply a one-quarter phenomenon. It is actually the most profound issue to get right as a UK equity income investor in 2015. We believe that the US dollar will continue to strengthen significantly from its current level. This is due more to the US economy’s demonstrable de-coupling from the rest of the world than to a view on the UK. The US has a strong chance of tightening monetary conditions this year without jeopardising growth or de-stabilising its housing market. The same can unfortunately not be said about the UK.


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There is one comment at the moment, we would love to hear your opinion too.

  1. AIFA Three Not So Wise Monkeys? 26th July 2011 at 2:05 pm

    There are some Networks that have been sleeping giants only now to awaken but where have they been whilst the likes of Simplybiz and one or two exceptions plus individual IFA’s have been fighting there corner. Could it perhaps be that they have (and continue) to hedge their soon to be orphan trail fee bets and hiding behind the AIFA Three Not So Wise Monkeys? So Mr & Mrs IFA Network member if your Network is not listed in the article above then get on the phone and demand to know why not!

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