View more on these topics

Petrol shortage leaves IFAs running on empty

IFA firms have suffered losses running into tens of thousands of pounds following the petrol crisis which swept the country last week.

IFAs claim to have been hit hard by the fuel shortage, with clients unable to reach their offices and IFAs having to cancel home visits.

Many firms predict they will never be able to recoup much of the financial damage caused by the chaos.

Garage forecourts may be returning to normal but IFAs say the business they have lost cannot be recovered as quickly.

IFAs up and down the country say they have been badly hit because their business means they have to meet people on a face-to-face basis.

Wentworth Rose managing director Philip Rose says: “A lot of meetings have had to be postponed because of petrol shortages. I estimate each of our advisers has lost up to £2,000.

“As a firm, we have lost about £50,000 because of missed meetings and I have not spoken to one IFA who has not had to postpone meetings. This is a big problem.”

Recommended

Exeter offers discount

Exeter Investment Group is offering a 1 per cent discount on its Managed Growth and Global Opportunities funds until October 31. Both funds will see their initial charges reduced from 5 to 4 per cent over the offer period. The Exeter Managed Growth fund is top in the Actively Managed Sector over one, three, five […]

Gale to be Misys IFA chief executive

Misys IFA Services has appointed Patrick Gale to its newly created position of chief executive. covering five networks and 4,200 registered individuals.He is an internal candidate from the Misys group but was not part of its financial services arm.Misys IFA Services has been left rudderless sincethe resignation of chairman Jim Gaskin in May which was […]

Winterthur Life brings in with-profits fund

Winterthur Life is adding a unitised with-profits fund to the list of funds available for its range of pension plans.The fund is aimed at those who are looking low to medium risk with the added safety factor of knowing they are not investing directly into stocks and shares.Unitised with-profits is run like a fund of […]

Norwich Union to become global fund manager

Norwich Union Investment Funds is to set up a new range of fund management offices across the globe. The changes come as part of its restructure after it was bought out by CGU earlier this year, and will see fund managers based in three different continents. The Japanese fund will be managed from Tokyo, the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com