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Aifa fears over ombudsman funding

Aifa has expressed concern about the proposed funding structure for the Financial Ombudsman Service in its response to the FSA&#39s consultative paper. Aifa says only 15 per cent of complaints handled by the service derive from IFAs and most have never faced direct costs for the FOS and it must demonstrate the value of a general levy on IFAs. Aifa say the proposed 50:50 split between a levy and case fees is a reasonable starting point but any adjustment should not result in case fees being so high that one or two complaints might affect the financial stability of small IFA firms.

Get online for full stakeholder list

The full list of stakeholder products will be available online from Money Marketing from Friday, when the scheme is launched. The list is divided into 35 individual and 36 group products. Information for the Money Marketing Pensions Survey was gathered after looking at registered schemes and from a survey of pension providers to ensure all products and providers were captured. The full list is available at moneymarketing.co.uk.

Treasury ponders stop-gap LTC Cat

The Treasury says it may introduce Catmarks for long-term care products as a “stop-gap” measure until full regulation is introduced in about two years time. Speaking at a conference, Treasury policy adviser Sanjay Ghosh said temporary LTC Catmarks may be the way to resolve industry demands to introduce regulation as soon as possible.

Firm fined £40k over review failings

The PIA has fined IFA The Pension Shop of High Street, Ripley, Surrey £40,000 with costs of £10,000 for pension review failings. It has also suspended the investment business of IFA Capella Financial Services of Salisbury Road, Christchurch, Dorset and Wilson Insurance Services of Newhaven Road, Edinburgh for failing to renew their professional indemnity cover. This is the 26th time this year that the PIA has taken action against firms, with a total of £842,000 in fines.

Freetrawl finds value in Tep market

Freetrawl.com, the website which help IFAs find the best price for clients&#39 traded endowment policies, says it has a successful first year, achieving an average of 19.5 per cent over surrender value on Teps traded. It says this compares with an average value of only 16 per cent by market-makers in the traditional Tep market.

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Let your light shine

If you have any issues you would like to raise with Fiona Price, please send an email to fionaprice@aol.com Please note that neither Money Marketing nor Fiona Price can accept any liability for answers given to queries I don&#39t know about you but perhaps because I have had my own business for most of my […]

CIS takes the with-profits path to stakeholder

Co-operative Insurance Society (CIS) is joining the stakeholder bandwagon with the introduction of its own stakeholder pension.The pension offers investors a choice of up to six pension funds to invest in. These are all CIS funds and include the UK growth, with-profits, European growth, environmental, US growth and FTSE all-share index tracker. The with-profits fund […]

Exeter Investment Group – UK Balanced Portfolio

Thursday, 5 April 2001Type: Unit trust.Aim: Income and growth by investing in the equity income fund, zero preference fund and capital growth fund.Minimum investment: Lump sum £1,500.Investment split: Equity income fund 50 per cent, zero preference fund 25 per cent, capital growth fund 25 per cent.Yield: 2.74 per cent.Isa link: Yes.Pep transfers: Yes.Charges: Initial 5 […]

Radice outlines routes to redress

Equitable Life Treasury select committee chairman Giles Radice has outlined three possible ways of compensating policyholders over the debacle. In an interview for BBC&#39s Moneybox programme last week, Radice was asked if policyholders could consider suing Equitable for compensation on the grounds that they were misinformed about the company&#39s true financial situation. Although the Treasury […]

Budget summary – March 2016

This week’s Budget looked as if it would be a difficult one for the Chancellor, with disappointing economic numbers and the need to avoid ruffling feathers ahead of June’s in/out referendum. Nevertheless, Mr Osborne did spring a few surprises, including some tax reductions. So how does this budget affect you? If you are – or […]

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