View more on these topics

Now Autif joins band in conceding polarisation

Autif is the latest trade body preparing to let Gov-ernment plans for phase one of its review of polarisation go through largely unopposed, leaving IFA representatives looking increasingly isolated.

It has accepted Government plans to depolarise stakeholder and fund supermarkets although it is trying to hold the line on Cat-standard Isas, arguing that a change could harm consumers.

An Autif members&#39 circular released last month and obtained by Money Marketing reveals the trade body&#39s position. The move follows the revelation last week of ABI plans to concede on much of phase one.

In the circular, Autif states that since stakeholder is particularly suitable for lower social gro- ups, detriment to IFAs would be minimal as this is not a “natural market” for advisers.

The FSA&#39s proposals on direct-offer advertisements receive “strong support”, with Autif believing fund supermarkets greatly increase competition and benefit investors.

But Autif departs from the regulator&#39s position on Catmarked Isas on the grounds it is not appropriate to depolarise merely because of the pricing and investment policy of a particular product – the only difference it sees between Cat-standard and non-Cat-standard Isas.

The proposed position is now being put to members for final comments before a formal submission to the regulator in the middle of this month.

Autif senior policy adviser Colin Hawtin says: “With Catmarked Isas, if you can only offer an adopted product, then it is possible the consumer will get a worse deal than they would if they went to the company direct where they would have more choice.”

Informed Choice managing director Nick Bamford says: “Supporting a relaxation of polarisation for stakeholder but not Catmarked Isas seems entirely contradictory.

“Stakeholder is a complex product which I believe should not be sold without proper advice.”

Recommended

Discord on harmonisation

It has been a while since I have written anything about Europe but some relatively recent developments have caused me to look again at this most intriguing of areas. In the lead up to the general election, there will no doubt be much press coverage of the issue of the UK&#39s full entry into the […]

Classic trust from Downing

Marsh feels that, for the sector, Downing&#39s product is “one to consider” and Gilbey says: “It should do well.”

Britannic Asset Management – Global Financial Services

Tuesday, 6th February 2001.Type: Unit trust.Aim: Growth by investing in a global portfolio of companies in financial services sector.Minimum investment: Lump sum £500 monthly £50, Isa lump sum £500 monthly £50.Investment split: Banks 53 per cent, insurance 19 per cent, specialist and other finance 17 per cent, life assurance 6 per cent, real estate 4 […]

Invesco axing Perpetual brand on offshore funds

Invesco is to ditch the Perpetual brand on its offshore fund range when the two firms merge later this year. Five of Perpetual&#39s 14 offshore funds will be liquidated and the remainder will be either rebranded under the Invesco name or merged into one of its existing 56 offshore funds. The consolidated offshore range will […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com