View more on these topics

O’Brien backing Aifa’s manifesto

Pensions minister Mike O’Brien has thrown his weight behind the Association of Independent Financial Advisers’ Manifesto for Advice.

At the Parliamentary launch of the manifesto this week, O’Brien said it is an important step for financial services and sets a clear vision for IFAs giving advice in the future. He said: “I think Aifa is doing exactly the right thing by challenging and indeed reinvigorating the financial advice market.”

The manifesto is based on six principles, including Aifa’s belief that advice firms should be free to operate commercially in whatever way best meets the needs of their business and clients, within the regulatory and legal framework.

It suggests that all new advisers should see themselves as training to become chartered, unless held back by a desire to specialise in a particular area where this would not be an appropriate qualification.

Aifa believes that within 10 years, chartered or equivalent status will be the preferred trading style for companies. The trade body’s manifesto makes clear that it now supports compulsory membership of a professional body.

It says that product providers must support the market for fair and high-quality financial advice and advisers have the right to expect a consistent, cost-justifiable and fair app-roach to their regulation.

According to a market study by Aifa, there would be a drop of £650m a year in long-term business if people could not seek professional advice and Oeic and unit trust sales would drop by £1.76bn annually.

Aifa adds that, given an appropriate regulatory regime, widespread access to professional advice could see a national personal debt reduction of almost £30bn.

Aifa director general Chris Cummings says: “There is an appetite to change things for the better – as shown by the debate surrounding the retail distribution review – but we need to ensure that we develop a regulatory regime that ensures that the maximum number of people have access to good financial advice.”


Mortgage Business Expo: FSA increases enforcement resources

The FSA says it has increased its enforcement resources in a bid to tackle those firms that continue to fail to meet the regulator’s Treating Customers Fairly guidelines.Speaking at the mortgage business expo in Belfast, outgoing FSA small firms division manager Dominic Clark admitted the regulator has increased its enforcement resources to deal with those […]

Dog days for fund firms

Schroders tops the shame list in this year’s Bestinvest Spot the Dog research, with £1.173bn of assets in the doghouse.Scottish Widows comes second with £778m, followed by Fidelity and Invesco Perpetual with £733m and £726m respectively.The report shows that 70 out of 698 funds have qualified for the name and shame list by failing to […]

Shopping list

The explosion of new lenders and intermediaries in the UK market over the last decade has driven competition, encouraged innovation and delivered huge choice for borrowers. However, as trading conditions tighten, funding remains difficult to secure and volumes shrink, the pressure on some companies may be too much to bear.

Arc returns to fixed income plan

Arc Capital & income has introduced its fourth fixed income plan, a capital-protected bond that provides monthly or annual income during a term of five years and three weeks.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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