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Only a quarter of IFAs concerned over ombudsman&#39s £360 case fee

IFAs do not see the cost of the Financial Ombudsman Service&#39s £360 case fee as a significant problem for their businesses, according to the Fair Deal for IFAs survey.

The positive reaction may stem from recent indications that the FOS plans to scrap the fee for the first two complaints against an IFA in a year. Only 23.3 per cent of IFAs said the case fee is a big problem while 48.2 per cent said it is not a problem.

The FOS&#39s move follows research confirming that most complaints received last year concerned big firms, with only 124 IFAs appearing before it more than once.

Whitehall Financial Independent joint managing director Mark Rendall says: “The move to alter the FOS per-case fee cost is certainly common sense, given the number of cases that are actually upheld against advisers.”


ISIS welcomes VCT boost from Government

ISIS equity partners welcomed the Chancellor&#39s moves to boost VCT investment in his pre-Budget Speech. David Thorp, Investment Manager of the Baronsmead VCTs, said “We welcome the announcements, which are designed to increase the amount of money available for VCTs to invest in UK businesses with high growth potential.” Thorp, also Chairman of the VCT […]

NU and Canada Life bid to fill BRS annuity gap

Norwich Union and Canada Life are planning to plug the gap in the enhanced annuity market left by Britannic Retirement Solutions&#39 closure to new business last month. The move comes as GE Life raises the minimum sum for annuity purchases from £5,000 to £10,000. Canada Life is looking at an enhanced and impaired annuity launch […]

This is why the public is cynical about the industry

Why are the public so cynical about our industry? These examples illustrate the point. I was recently approached by a 60-year-old single man who lives in rented accommodation. He has been unemployed since being made redundant four years ago. He wanted to take a loan from his pension as he is in dire financial straits. […]

Close Fund Management launches Japan fund

Close Fund Management is launching a Japan accelerated performance fund aiming to provide capital protection and enhanced return on the Nikkei 225 index over six years. The fund, which is open until December 11, is designed to offer five times the growth of the Nikkei subject to a maximum return of 100 per cent. Unless […]

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White paper — recording sickness absence

The latest figures from the Department for Work and Pensions illustrate that sickness absence is still a major cost to businesses, with an annual bill for sick pay and associated costs to employers of £9bn. This paper from Jelf Employee Benefits looks at the importance of recording sickness absence for any employee health strategy and how this can be carried out in an efficient manner to reduce absence, improve employee engagement and drive up profits.


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