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Norwich Union says proposals must not harm IFAs

Norwich Union has guardedly welcomed the abolition of polarisation but says it will be a failure if the IFA sector suffers significant shrinkage as a result.

Sales and marketing director Peter Hales says he agrees with the main thrust of the paper but is concerned the FSA&#39s commission proposals – which he believes favour multi-tied advisers – may cause a reduction in the number of IFAs.

However, he says he is pleased that the FSA&#39s better than best rule is to be scrapped because it will allow NU to continue its policy of acquiring stakes in IFAs without being restricted to a 10 per cent maximum stake.


Rolling on to AFPC success

There are now only 12 weeks to the next sitting of the Advanced Financial Planning Certificate examinations.If you are one of the many people who are planning on taking an exam in April (tables 1-3) then you will become either one of the 38 per cent or so of candidates who pass their exam or […]

Research claims to show bond commission bias…

IFAs have shown significant evidence of commission bias when choosing between providers for with-profits and distribution bonds, according to an FSA report although it admits the markets is not riddled with bias.The research, by Charles River Associates in October last year, is published as part of consultation paper 121. It claims to reveal some evidence […]

Pro bono plan would raise image of advisers

Proposals for IFAs to give free advice in Citizens&#39 Advice Bureaux and a new lower level of generic adviser are set out in the FSA&#39s polarisation paper.The regulator refers to plans to set up a pilot scheme for IFAs to offer pro bono generic advice. Aifa and the CAB have had extensive talks but the […]

Bankhall tells IFAs to move on

IFA service provider Bankhall says IFAs must accept that the FSA is set in its plans to abolish polarisation and that they must look to the future.While expressing concerns over confusion amongst consumers, Bankhall operations director Tony Murrell says: “We see no sense in trying to fight a lost battle of trying to maintain the […]


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