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‘No clear strategy on multi-ties’

The financial services industry is sleepwalking towards the depolarisation deadline, says Alpha to Omega chief executive Stewart Wooles.

He says A2O will put off launching a multi-tie until product providers come to him with a workable model that is in members’ interests.

Wooles says providers do not have a clear strategy on how to offer multi-ties to networks, so he is having to retreat from his original plan of offering a multi-tie option from June 1, when depolarisation takes place.

He says IFAs who think they can carry on as they are after June 1 are mistaken and warns they will be in default of FSA guidelines if disclosure documents, client letters and menu conditions are not in place.

Wooles says: “Providers have no clue about how multi-ties are going to work. When you ask them about offering multi-ties, they have no clue what to say. They should be on the front foot, asking intermediaries how they want to trade.”


Editorial: Backers show IFAP’s worth

With a clarity that must leave some trade bodies and advisers looking on enviously, IFA Promotion is to remain an organisation for independents alone.

NU’s Mom suite will feature 12 managers

Norwich Union’s manager of managers’ suite, set to launch this month, will include mandates run by the fund arms of rival life offices including Aegon and Standard Life.


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