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PFS looks at dropping fee-based advice term

The Personal Finance Society is considering dropping the term fee-based advice, saying it is misleading.

Sofa managing director Bob Bullivant says commission offset is a much
better way to describe the practice. Commission offset is when a fee
is agreed for the work done by the IFA and if the work generates
commission this can be used to offset the fee.

Bullivant will be executive chairman of the PFS when the merger of
Sofa and the LIA takes effect in January. He says: “Commission
offset is a good way to describe fee-based advice, which is a term I
really do not like as it is misleading. I am considering a PR
campaign to pick up this fact and it is an issue that the PFS may be
looking at as a professional body.”

l PFS plans separate faculties, p20


Britannia reduces its ten-year fix rate mortgage

Britannia Building Society reduces again its ten-year fix to 5.29 per cent – 5.9 per cent AER.This has been reduced from 5.39 per cent and is available up to 95 per cent LTV.This ten-year fixed mortgage is ideal for those who wish to have constant monthly repayments, enabling borrowers to plan for the long-term.Britannia head […]

Road to recovery

Schroders has made its institutional recovery fund available to retail investors in the UK. The Schroder recovery fund, formerly the Schroder institutional recovery fund, invests in companies which have suffered a setback and their valuations will reflect this. A setback could mean they are out of fashion with the market or profitability has fallen. However, […]

Embrace simplicity!

By Fiona Holmes, proposition communications manager When I first took out critical illness cover, I was overwhelmed. It wasn’t just the form filling, it was finding out about the sheer number of illnesses I was covered for. Did it give me peace of mind that I was covered for neuromyelitis optica or systematic lupus erythematosus? […]


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