View more on these topics

Providers and FSA in multi mix-up

The FSA and many product providers hold contradictory views on how multi-ties would work, claims Clerical Medical pensions strategy manager Nigel Stammers.

He says providers are negotiating multi-tie models with intermediaries on the basis of a guaranteed percentage of distribution while IFAs will have to show they are giving best advice. The FSA&#39s paper does not mention best advice but the FSA confirms that IFAs, authorised financial advisers and multi-tied advisers would all be bound to sell the best product for the consumer.

This would outlaw quotas under multi-ties and mean that distribution could not be guaranteed.

Stammers says: “Providers&#39 views of how multi-ties will work are different to how the FSA sees it. Providers see a system of lock-ins and business production targets but the FSA sees authorised financial advisers and multi-tied advisers operating in the same way.”

Recommended

ScotProv guide to mortgage protection

Protection specialist Scottish Provident is publishing a free consumer guide on mortgage protection and the best way to protect the different types of loans available on the market.The guide has been produced following a survey commissioned by Scot Prov which found that 27 per cent of borrowers either have no mortgage protection or are unaware […]

Big decisions in the small print

Are network contracts “unfair”? The vast bulk of network-related work that we see stems from the fundamental issue over contracts signed when the brave new world of the FSA was not even thought of.The issue over whether a contract is fair or not is one which really does not have a basis for a legal […]

CII launches new online service

The Chartered Insurance Institute is launching CII Research Online to make its reports available over the internet. The CII claims a research paper last year was downloaded by 30,000 people in more than 110 countries.Reports can be downloaded for a limited period for £10, or bound copies can be ordered online, including “Retirement planning in […]

M&G tops Isa spend with £1.33m

M&G is leading the Isa season spend on press advertising, according to new figures from Thomson Intermedia.M&G spent a total of £1.33m on press advertising in February, accounting for more than 12 per cent of the industry total of £10.62m.Fidelity is second with a spend of £1.23m while Legal & General was the only other […]

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