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Platforms urged to check on adviser charges

Ascentric says platform providers should monitor adviser charges on their platform and question high fees to avoid misselling.

Managing director Hugo Thorman said platform firms should have a duty to monitor charges levied on clients. He said: “I am a definite minority in this but I think by not monitoring adviser charges we could end up with a misselling scandal in the next few years.

“I do not want the FSA to introduce regulation that makes us formally responsible for monitoring adviser charges but I think we should have a duty to make sure every client understands exactly what they are being charged and why.”

But Thorman does not think providers should be responsible for monitoring white-labelled platforms.

Transact head of marketing Malcolm Murray says: “Platform providers should be aware of any exceptional level of remuneration agreed with the
client. We have internal guidelines and if a payment breaches those we query it with the IFA. More often than not, someone has put the decimal place in the wrong spot.”

He says so far there have been no instances of advisers consistently overcharging clients.

He says: “It is difficult to say what action we would take because we have not experienced a situation like that but in the first instance we would talk to the IFA.”


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Meteor Asset Management has created a structured product that provides investment exposure to China and Brazil through an index and an exchange traded fund.

No pay rises at FSA but bonuses will continue

The vast majority of FSA staff will not get a pay rise this year but the regulator has confirmed that it will continue to pay bonuses. In an internal email to staff, FSA chief executive Hector Sants said the regulator had not put aside funds for pay increases this year. The email says: “There will […]

People on the move: Investment

Threadneedle has promoted Leigh Harrison to head of equities and bolstered the UK desk with the appointment of fund managers Simon Brazier, Richard Colwell and James Thorne. Brazier joins from Schroders as co-head of UK equities alongside Harrison while Colwell joins from Aviva and will work closely with Harrison on the UK income range. Thorne […]

'Feeling the Squeeze'

Royal London carried out a UK wide survey with 2,500 consumers age 35-44 over the summer. The survey found that over a third, 34 per cent, said their finances felt Squeezed and so were struggling to meet day-to-day expenses, despite 87 per cent being aware that they need to save more. However, the survey did […]


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