I am afraid that Harry Katz in his recent letter in Money Marketing headlined, Prac-tical knowledge beats the consultants, does not clearly reflect the context in which I commented about the ABI commission paper.The fact is that we are putting together a response to the ABI. We have asked for member comments and so far I have had several, reflecting a wide span of views. The spontaneous comments received from members since the ABI report came out similarly express a variety of approaches. Some members support the idea that we should look again at financial adviser remuneration structures because the traditional app-roach does not work very well in the current public context. Others argue that the PFS has no right to speak at all unless there is a clear consen-sus among the membership to take a particular viewpoint. It was in the latter context, that members believe they needed to give us instructions as to what to say, that I made the comment that we must use our own judgment. Why? Because when the report came out, I was immediately called by trade newspapers, including Money Marketing, asking for our position. Other commentators were giving theirs. Should we have remained silent? I think that we would have been lacking in our responsibility to members had we not used our own judgment to come up with a considered view in that short time. However, the final comments of the PFS have yet to be made and if members want to send us their views to be taken into account, we would welcome that very much. Even then, our own judgment will need to be used because the membership will not give a united opinion. John EllisPublic affairs director, The Personal Finance Society
Ninety-two per cent of IFAs say they intend to retain their independent status within the depolarised market. This is one of the main findings of The Exchange’s 2005 technology index, which surveyed 300 IFAs via the Exweb portal. The figure shows that the independent sector is here to stay.
With the election campaigns well under way and the pros-pect of Labour being returned to power, voters will be dis-appointed to find out that there is nothing in the Labour Party’s manifesto, other than a few platitudes about want- ing a sustainable system, about pensions.
With combined sales of UBS’s absolute return bond fund, and DWS’s Ratebuster product topping £90m in their offer periods, the industry has been reflecting on whether these apparently safe products can deliver on their promises. Hargreaves Lansdown investment manager Ben Yearsley says the most important thing with new products is that they have good investment […]
Goy Harris Cartwright is relaunching its managed portfolio service as a range of fixed-weight portfolios with a new risk-grading system and a 1.25 per cent annual management charge. The system is intended to make it easier for clients to choose the strategy that is best suited to their investment needs and appetite for risk. Three […]
By Kunal Desai, head of Indian Equities at Neptune Returning from a recent research trip, Kunal Desai asks three key questions: first, do prime minister Modi’s reform policies still offer hope for investors; second, what exactly is required to drive an earnings upgrade cycle; and finally, which areas of the market do we believe are […]
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Support service provider SimplyBiz has signed a third new deal for defined benefit transfer advice work after its original partner pulled out of the marketplace. In an email to members seen by Money Marketing, compliance director Gary Kershaw apologises for any inconvenience caused by Crowborough-based advice firm CFPML’s decision to exit the DB transfer marketplace. […]
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The Budget will lay out Government plans to help build 300,000 new homes a year, according to Chancellor Philip Hammond. The plans will include fasttracking developments with planning permission. Hammond said the Government would use “powers of state” to get homes built on these sites, according to the BBC. The Government will also unveil plans to […]