View more on these topics

Platform group pushes re-reg

The UK platform group is calling for regulatory changes, including the abolition of the packaged product regime.

The group says the regime is outdated and a hindrance to simplifying regulation.

It is also wants improved reporting standards and for fund managers’ reporting of sales data to the Investment Management Association to be included within the FSA’s reporting requirements.

The group says one of its major drives this year will be to develop robust inter-platform re-registration processes. Fund supermarkets have been criticised by advisers for not supporting the free re-registration of funds off a platform.

The platform group comprises representatives from Cofunds, Fidelity Fundsnetwork, Standard Life, Selestia and Skandia Multifunds. The Investment Management Association is also represented at meetings and consulted on key issues.

Selestia and Skandia MultiFunds chief executive Brett Williams says: “The group is to present a united voice on regulatory issues and we believe that many of the regulations around today no longer sit happily with the future shape of the savings market. It is important that we engage with our stakeholders, including trade associations, and future consultation with other platforms. It is vital that we all work together to achieve common standards.”

Head of FundsNetwork David Dalton-Brown says: “As the formation of the platform group was announced just a few months ago, I am delighted that our next announcement is one of action, having submitted a paper to the FSA.

“The changes we propose are long overdue and I am confident that we will be able to help shape the future of the industry, its regulations and operation policies for the benefit of advisers and investors.”

Recommended

‘Refinance quickly to catch best rates’

Sub-prime lender Victoria Mortgages says borrowers looking to refinance should move quickly to avoid missing out on current deals.Victoria predicts that high-street lenders will be quick to raise lending rates after last week’s base rate increase.It says although high-street lenders are funded largely by customer deposits and therefore an increase is not crucial to their […]

Playing the yield

Chris Salih considers the scope for diversification in the UK equity income sector.

Vertex sold to US private equity firms

Exchange parent Vertex Financial Services has been sold to a consortium of US-based private equity firms for £217.5m.Oak Hill Capital Partners is leading the consortium, which includes GenNx360 and Knox Lawrence International. It says the deal is expected to be completed by the end of March, subject to FSA approval.United Utilities announced before Christmas that […]

Inflow of IFAs predicted for equity release

Equity-release provider Stonehaven says it is seeing signs that the market could be set for an influx of advisers.It says increasing publicity surrounding the sector and product innovations from lenders will generate more interest in the market.It says IFAs are gearing up to enter the market in 2007 after experiencing a “consumer pull” for the […]

What's going on in the 'offshore' world?

Graeme Robb, Senior Technical Manager at Prudential, explores the current state of the nation for offshore issues and highlights areas which may be particularly relevant to advisers. In the context of insurance companies, ‘offshore’ can be a relatively straightforward matter. Like their onshore equivalent, offshore bonds are ‘non-qualifying’ for tax purposes, meaning that all gains […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment