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Public are backing Polarisation

IFAs have had a ringing endorsement from people who buy financial products, with 89 per cent saying they know what the term independent means, according to research by Aifa and IFA Promotion.

The survey reveals over 60 per cent of consumers would choose an IFA over tied agents.

Aifa says this response from 500 consumers shows “clarity remains polarisation&#39s greatest asset” and confirms FSA research findings that consumers know the difference between independent and tied.

It says if it is the FSA&#39s intention to change the regime, it must “introduce more stringent rules on status disclosure” to avoid public confusion.

When asked which statement best fitted the description of an IFA, 57 per cent said IFAs choose from all the products/policies available on the market and 65 per cent know a tied agent can only choose the products of one company.


&#39FSA rule to whistleblow may breach Rights Act&#39

London law firm Osborne Clarke is warning that FSA measures to force IFAs to whistleblow on suspected money laundering after N2 could breach the Human Rights Act.After November 30, everyone regulated by the FSA must share information and coop-erate with law enforcement agencies on suspected criminal laundering.IFAs will have to take a proactive approach if […]

Extra sittings for mortgage exam

The Chartered Insurance Institute is introducing three extra mortgage advice qualification examination sessions to help intermediaries obtain the qualification by the end of 2002.By December 31, 2002 anyone providing mortgage advice and recommendation to clients must possess Maq or its equivalent to meet the Mortgage Code Compliance Board&#39s requirements.The move by the CII means advisers […]

Succession of problems

When I read technical articles on pensions, I often wonder how well prepared the average IFA is for their own retirement. With an average age in the mid-50s, the industry will see a whole wave of retirements in the next five years.Allow me to assume that the average IFA does not pay the maximum contribution […]

FundsNetwork passes £500m sales mark

Fidelity’s FundsNetwork has passed the £500m sales mark, less than 18 months after its launch in June last year.The supermarket now offers 565 funds from 37 providers, including Close Fund Management and Axa Investment Managers which joined this week.Fidelity marketing director Dave Cowdell says: “FundsNetwork is a well-established and trusted name amongst IFAs with the […]


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