View more on these topics

Portillo slams IFAs&#39 burden

IFAs are over-regulated and overtaxed, according to Shadow Chancellor Michael Portillo.

Speaking at the IFP annual conference , Portillo slammed what he described as a burden to the expansion of financial services in this country.

He said the Opposition still has a number of disagreements with the Government over the Financial Services and Markets Act, which gives the FSA its regulatory powers, but he was not forthcoming on how the Tories would change things.

He believes greater competition will benefit consumers and those working in the industry.

Portillo also expressed his concerns over stakeholder, claiming it will be impossible to provide proper advice within the 1 per cent charging cap.

While agreeing with the objective behind stakeholder, he believes the Government has gone about it in the wrong way. He said the minimum income guarantee pledged by Chancellor Gordon Brown means a large number of the target audience will be better off in retirement without a stakeholder.

He expressed fears that life offices and IFAs will be left to shoulder the blame for the Government&#39s shortcomings over stakeholder.

Concluding his speech, Portillo said: “To all of you who participate in advising people to save for their future, I want to thank you.”

Recommended

Risks and rewards on CD-Rom

Scottish Equitable has developed an interactive CD-Rom to help IFAs advise their clients on the risks and rewards of personal investment portfolios.The Risk and Reward CD-Rom allows IFAs to input clients&#39 investment details which are then assessed against a benchmark portfolio according to a risk profile selected by the IFA. The benchmarks suggest proportions that […]

Merrill Lynch brings in TeleTech

Merrill Lynch Investment managers is introducing the new emerging markets telecoms and technology fund.The fund is a Luxemburg based Sicav and is denominated in US dollars. It is aimed at investors who are interested in technology and are looking to diversify their portfolios out of America and Europe.Emerging markets will invest in new and emerging […]

Tax Planning – Special delivery

In recent columns, I have been expanding on my view that, increasingly, the role of financial advisers and, thus, product providers distributing through advisers, is to offer complete solutions to people&#39s financial needs rather than just products.Last week, I began to consider how financial management groups, in particular, can play their part in making a […]

Swot up to pass the test

Are you marketing and advertising your stakeholder expertise? The answer for most advisers is probably not. This is either because you do not see stakeholder as being a major part of your business or because its introduction seems too far away.On both counts, you could be wrong. Like it or not, stakeholder is likely to […]

Responsibility Matters

The latest update from the Sustainable Investments Team at Royal London Asset Management, Responsibility Matters, is now available. In this edition the team look at issues such as the growing acceptance of sustainable investing and technology in China. Read the update here: The value of investments and the income from them is not guaranteed and […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com