The Personal Finance Society is lobbying the FSA to tighten the way providers market their products to advisers.
Members are increasingly concerned that there are few consequences for providers for their marketing of products to IFAs. Aifa is also in talks with the regulator on the issue. Members have raised concerns that they often have to identify potential problems they may face with products. The PFS gives examples of split caps, often marketed as “low risk”, and precipice bonds, described as “guaranteed”. Chairman Bob Bullivant says if providers become more accountable, there will be fewer calls on the Financial Services Compensation Scheme. Bullivant says: “I would like to think we can work with providers and get to a situation where marketing to IFAs must be transparent. Members should not have to spend their time picking out the flaws in products.” Aifa acting director general Fay Goddard says: “Pro-gress is being made with the regulator, especially with rec-ent comments made by chairman Callum McCarthy showing a desire for more provider transparency.” Johnston Financial Services managing director Adrian Johnston says: “Shareholder pressure means product prov-iders must invent products to sell but that are not necessarily safe for our clients. IFAs have to treat anything they get from providers with a healthy degree of scepticism.” IFA Woman of the Year Saran Allott-Davey is determined to use the cachet of the award to encourage other women into the financial planning businessView more on these topicsNews
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Former Bankhall IT director Nigel Hopwood is leaving the firm after two years following a merger of its IT and operations departments. Hopwood is assisting new IT and operations director David Scott with the merger. Bankhall says that the move is an indirect result of the new environment created by the regulation of the general […]
The whole truth
Jason King’s recent letter exemplifies the same arguments that were put forward in the 1970s, by the “buy a term and invest the rest” brigade who used bland figures to substantiate equally bland arguments. Term insurance was the foundation of all insurance but the foundation of life insurance and the concept of whole-life insurance acknowledged […]
Protection, health and wellbeing benefits help 1,500 employees back to work
New research has proven the positive impact that protection, health and wellbeing (PH&W) benefits have upon a business.
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Deutsche Bank appoints Tilney exec to head financial planning
Former Tilney executive Nick Reeves will join Deutsche Bank as the head of UK financial planning from January. The Frankfurt-headquartered bank says the appointment continues a build out of its markets since UK chief executive Michael Morley was appointed in July 2017. Morley says: “We are committed to building a model advice-led wealth management business […]
Savings of 4,000 ex-Greyfriars investors now secure
The money of thousands of investors from troubled Sipp provider and discretionary fund manager Greyfriars Asset Management have been secured through an acquisition. Sipp administrator Gaudi has successfully transferred 4,000 Sipp and Isa accounts from Greyfriars onto its books. The acquisition agreement was signed on 21 September and has now been completed. Gaudi managing director […]
Advisers blame complex regulation for long working hours
One in four advisers are working upwards of 50 hours a week and cite complex regulatory and compliance requirements as the catalyst, Prudential research shows. The 2018 Adviser Barometer surveyed 200 financial advisers across the UK and shows just 14 per cent worked more than 50 hours a week last year. Thirty-two per cent of respondents […]
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