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Over half of IFAs want to retire

Over half of IFAs (58 per cent) would retire if they could afford to, according to The One Account/ Money Marketing State of the IFA nation 2004 survey.

The greatest threat to IFAs&#39 businesses is identified as professional indemnity insurance at 27 per cent, closely followed by the FSA on 25 per cent.

IFAs say they believe that the regulator is aggressively pushing the sector towards consolidation by the increasing burden of regulation and professional indemnity insurance.

Others say they struggle with clients who have become cynical towards investment decisions and are still reeling from past negative experiences.

Some say, however, that their anger is not specifically directed towards the FSA but say they feel a sense of frustration towards the added administration from regulation.

Park Row Corporate & Private Clients IFA Ian Williams says: “I would not blame IFAs for retiring if they are in a position to do so. It all comes back to regulation. The present regulation goes against the grain in the sense of human psychology. It has become totally product-driven as opposed to advice-driven, despite what the FSA says.”

New Life Financial Planning principal John Burnard says: “The FSA is making our life very difficult with PI. When they write to people, effectively asking them if they have been misled on an endowment policy, how do they expect us to react?”


Cherrypicking data is banned

Financial firms will no longer be allowed to use cherry-picked data about historical fund performance in advertisements under new rules introduced by the FSA this week. Under the new rules past performance data can only be used if it is accompanied by a table of standardised data setting out discrete annual returns for up to […]

AMI calling for code of practice on buy to let

The Association of Mortgage Intermediaries is keen to work with the Association of Residential Letting Agents to put in place a code of practice for the buy-to-let market. The AMI believes a code of practice would bolster confidence in the buy-to-let sector, which will not be regulated by the FSA when mortgages come under its […]

Would fees bring trust?

From the sublime to the ridiculous. I am an avid reader of Money Marketing but have never really read an article about the fees •commission debate that hits the nail on the head more accurately than Tom Kean&#39s Independent View (Money Marketing, May 13). He asks why do people think that previously dishonest and income-hungry […]

Women understand remortgaging better than men

New research from The MarketPlace at Bradford & Bingley claims that women understand the remortgaging process better than men. The research says 48 per cent of women think the remortgaging process is straightforward, while only 39 per cent of men believe the process is easy. Only a third of women (34 per cent) believe the […]


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