View more on these topics

Passporting route could be costly

The Federation of European Independent Financial Advisers says many advisers considering passporting into the UK to avoid RDR regulations may find the process too costly or intensive to be worthwhile.

Feifa chief executive officer Paul Stanfield says regulatory and legislative concerns need to be assessed, such as the possible need for an office on the Continent or increased knowledge of labour laws and tax systems.

He says: “It is true that an IFA passporting into the UK would not need to pay any FSCS levy but if an office is required in another EU state, then this will obviously entail potential increases in variable and fixed costs and possibly greater liabilities in areas such as staff benefits and entitlements.”

Stanfield says that passporting into the UK can be viable if it is seen as part of a long-term and sustainable business model but he adds: “Passporting into the UK is not an easy option and needs very careful and significant evaluation before being pursued.”

Informed Choice managing director Martin Bamford says: “Passporting is a pretty desperate move to avoid regulation designed to improve service.”


Barclays Wealth unveils risk-rated fund range

Barclays Wealth has unveiled the full details of its new global markets proposition, saying the multi-asset range will consist of five risk-rated funds that will invest only in exchange-traded funds. The group says the UK-domiciled Oeics will offer ultra-low fees and tap into the trend in the IFA market towards outsourcing asset allocation work ahead […]

N&P facing 250 Keydata compensation claims

Norwich & Peterborough Building Society is to receive 250 compensation claims by lawyers acting for investors whose savings were placed in Keydata products on the group’s advice. Law firm Regulatory Legal says it will also this evening send documents to the FSA alleging that N&P recommended Keydata products to inappropriate clients. The documents will also […]

Woodford says prospect of a double dip is rising

Invesco Perpetual income guru Neil Woodford has warned that the chances of a double-dip recession in the UK are on the rise. He says the possibility of two quarters of negative GDP is directly linked to the increasing likelihood of more spending cuts and bigger budget deficits. He says house prices could drop significantly, claiming […]

Steer puts first short into Artemis UK growth

Tim Steer has added his first short to his £301m Artemis UK growth fund after its remit changed to allow short positions of up to 10 per cent. After successfully shorting insolvent stock Connaught in his hedge fund, Steer has shorted Robert Wiseman Dairies in UK growth. The manager has questioned the firm’s profit margins […]


News and expert analysis straight to your inbox

Sign up


There are 2 comments at the moment, we would love to hear your opinion too.

  1. In response to Marin Bamford’s comment, I think many advisers contemplating the passporting route might well declare it to be a move to get away from the biased tyranny of the FSA whose agenda appears to be based on an obsession with fixing what is, by and large, manifestly not broken whilst at the same time allowing the banks to ride a coach and horses through just about everything that good regulation is supposed to be all about.

  2. Totally agree with Julian Stevens.
    Why is passporting seen as avoiding improving standards?
    Passporting could not possibly be as difficult as putting up with an increasingly kafkaesque like regulator.
    The closer we get to the nirvana that is supposedly the rdr, the more we seem to get of the holier than thou attitudes.

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