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Pass masters

Reading Ian Thomson&#39s article about Pass (Money Marketing, January

23) revealed what this industry can do if it has a united mind to do

so. What a crying shame it would be if all the cooperation, pension

expertise, experience and record of success, etc, were allowed to go

to waste if Pass is wound up.

As a relatively small IFA,I have had direct contact and significant

benefit from Pass and would like to place my thanks on record to all

concerned, from the sponsors downwards.

It seems that the old adage still applies – those that can do, those

that, etc etc.

When the industry – commerce – is providing the funding, money and

time are not wasted and the job gets done. I would imagine, too, that

operating from Sheffield is also much cheaper than the more

prestigious addresses on the banks of the Thames may be? Once again,

well done Pass.

I believe that if there had been a combined and structured reaction

to such proposals as the 1 per cent charging structure a few years

ago, the industry/profession would not be in the mess in which it

currently finds itself.

Pass – as pension review advisers – have not only been recognised by

the FSA but also recommended by the FSA so is there no scope for an

ongoing and much wider role?

On a less good note, there really is some misinformation coming from

the FSA recently, including the reasons given for the PI fiasco.

Surely, if PI insurers could see that they had a fair chance of

making a profit out of IFAs&#39 PI insurance, they would offer it. The

simple reason they do not offer it is because they are faced with

writing blank cheque after blank cheque, fuelled by FSA review after

FSA review.

I have an example of how a previous review has been exposed, in this

instance, an FSAVC case. While the calculation showed a small loss

and a payment was dutifully made into the in-house AVC scheme, when

it came to transferring the main fund from the FSAVC, the client

wrote to say he would much rather his funds stayed with the same


If this is not a case of opportunism instigated by the FSA, when

obviously the client was happy with the investment made and charges

levied by the FSAVC provider, what else is?

My dilemma is do I insist under the model guidance that it is

transferred or do I comply with the client&#39s wishes. Surely an

example of damned if I do and damned if I don&#39t.

Malcolm Lindley Baxter & Lindley Financial Services,Tring, Hertfordshire


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