The Personal Finance Society says its generic advice pilot scheme is working and has blamed difficulties on the Citizen’s Advice Bureaux.Director of public affairs John Ellis says the PFS has thrown its weight behind the scheme but stands by claims that getting advisers to do pro bono work has been a problem. He says the pilot scheme, which aims to get IFAs to commit time to giving advice in bureaux, has been hindered by a lack of clarity from the CAB head office. IFAs reacted angrily when Ellis recently claimed that getting advisers to sign up to do pro bono work had been difficult. The PFS paid £40,000 into the scheme and says it is committed to developing a system of pro bono that could form part of a chartered status for IFAs. Ellis says: “It is not that we do not think that IFAs are willing to do pro bono work, I am aware that many do but it is difficult to get people to make a definite commitment. It was very hard to get anything out of the CAB in terms of what they expected us to provide. I think that some advisers had a different perception over what they would get out of it.” CAB spokesman Dan Levene says: “I hope there is not a difference in expectations. It may be that there is a difference in terminology. The cases that we have put through are those that are specifically financial advice cases.”
Burns-Anderson has renewed its Professional Indemnity Insurance policy with effect from February 1 2005, broadening its cover to operate in a more competitive market. B-A has reduced its excesses to 2,500 for some of its firms conducting investment business, and has improved its premium rate. Excesses last year were consistently at 5,000. The network has […]
Friends Provident will buck industry trends and offer an increased rate of commission on the individual stakeholder personal pension it is bringing to market next quarter.
IFAs have been cleared of commission bias by ABI research but its investigation calls for greater transparency in relation to ongoing commission.
Falcon Group has listed on Aim through holding company Sumus, raising £3m through an issue of new shares. The IFA, network and service provider has 120 RIs and group chief executive Allan Rosengren says he hopes this total will rise to around 160 advisers by September. The business, founded in 1983 by Rosengren and operations […]
By Joshua Ausden, Head of Client Investment Strategy at Neptune FE Alpha Manager Mark Martin and Assistant Manager Holly Cassell explain how they have delivered sector-topping returns with a low level of volatility in the UK Mid Cap Fund. Since inception in December 2008, the £616m fund has returned 299%, outperforming the FTSE 250 Index […]
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The work and pensions secretary Esther McVey has been urged to intervene to protect the pensions of over 200,000 current and former Barclays staff as the UK bank reorganises its pension scheme. Concerns have been growing from the bank’s members over the decision of Barclays to transfer responsibility for pensions to the international and investment banking arm […]
The Financial Services Compensation Scheme is predicting that life and pensions advice compensation payouts will fall over the next year. In its budget for 2018/19 released today, the FSCS notes that while the three-year average for compensation claims over life and pensions intermediation is £83.8m, a falling trend from a peak two years ago should […]
Will PI cover stand up to the DB transfer test?