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Providers waking up to the earning potential of advice

Banks and insurers have realised the potential earning power of advice propositions and are reviewing their direct-to consumer models, says Ernst & Young.

Speaking at the launch of Aifa’s latest RDR report, Advice Horizons, last week, Ernst & Young director of financial services Robert Wood said advice propositions are becoming more attractive to providers.

He said: “Banks and insurers have understood that the most money can be made from the advice end of the value chain. They will be looking at how they can structure their direct business to make the most of that.”

Paladin Financial Services managing director Tim Purdon says if insurers and banks actively target consumers, the public will be increasingly confused about the different advice services available.

He says: “This would just add further confusion to the marketplace. Will banks encroach on my market? I do not think so. My clients are looking for a personal service that only IFAs can provide. There may be a gap in the market for a man from the Pru type service but I think IFAs will aim for the higher end of the market, so there would not be too much crossover.”


St James’s Place to offer Primrose compensation

St James’s Place is to offer compensation to clients who lost out following the collapse of Primrose Associates. The wealth manager is writing to the affected investors who lost over £4m of transferred client funds when the broker went bust, according to reports in the Mail on Sunday. Primrose Associates was put into liquidation in […]


Former police detective gets 6 years for £3.7m BTL fraud

A former Metropolitan Police fraud detective was jailed for nearly six years yesterday after admitting to fraud relating to 23 buy-to-let properties worth about £3.7m. According to the Daily Telegraph, in one deal Charles Overend borrowed at least £1.34m for six homes near a river in Surrey, which actually cost around £50,000 less than that […]


Savills Lending Solutions enter consultation period with all staff

Savills Lending Solutions has today entered a consultation period with its eight employees, citing continued difficult trading conditions as the reason for the move. SLS has not placed a time limit on the consultation process and says it will take as long as is necessary. Money Marketing understands staff at the Southend-based packager have been […]

Standard Life sees group profits jump 10 per cent

Standard Life has seen a 10 per cent rise in group profit before tax for the first half of 2010. Profit before tax stands at £182m for the six months to June 30, 2010, compared to £166m for the same period in 2009. The group also reported a 71 per cent increase in net inflows […]


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