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RDR to allow qualification transfer

Advisers could be allowed to carry their qualifications over to the new role of professional financial planner proposed in the RDR if they are directly equivalent.

The FSA is reluctant to allow those without equivalent qualifications to immediately assume the role of professional financial planner. It is considering ‘grandfathering’ an adviser into the new role for a limited period, allowing those without the necessary qualifications to undertake further training and testing.

IPFM director Luke Gibbon says: “I suspect this has been partly orchestrated by people with their own interests. Some people will want to put a handle on themselves to gain a competitive advantage. They will want to say I am better than the adviser down the road because I am professional.”

Professional financial planners would provide full advice to wealthy clients but they would not necessarily cover the whole of the market. They would be fee-based but the definition of fees could cover commission arrangements that are agreed by the client.

All professional financial planners could be regarded as independent under the FSA’s redefinition of the term to mean free from potential provider bias rather than whole of market.

Gibbon says: “I’m not saying some people don’t have a commission bias but for any decent IFA it’s not an issue. My clients have always been offered the choice of fees or commission. They don’t deal with me necessarily because I’m cheap, they trust me on the basis of past experience.”


Churchill reappointed Chair of PPF

Lawrence Churchill has been reappointed chair of the Pension Protection Fund for a further three years. Lawrence Churchill’s current contract expires on June 30 2007 and his new three year contract will start from 1 July 2007. Prior to his original appointment Lawrence Churchill was chief executive of Zurich Financial Services, UK Irish and International […]


E&Y’s Crawford flags winners from RDR paper

The RDR seems to have been scripted to benefit the banks, says Ernst & Young Insurance lead partner Shaun Crawford. He says it will also make winners of truly independent, whole-of-market, fee-based IFAs and estimates only around 25 per cent of IFAs currently practicing will make the grade of professional financial adviser. Crawford says: “There […]

Standard says it is safe on commission disclosure

Standard Life believes it will not be in the firing line as a result of the Wilson v Hurstanger case because the company already fully discloses commission payments to its clients.However, it warns that product providers which have not been as thorough should brace themselves.Association of British Insurers protection committee chairman Nick Kirwan predicted in […]

Europe: banking on a recovery

Neptune video: Europe — banking on a recovery

Arguing that the eurozone crisis is over, watch Rob Burnett, head of European equities at Neptune, discuss the sectors that he’s investing in to harness the recovery. 

In the video, Burnett addresses the following: 

• The primary drivers of the eurozone’s economic recovery
• The turnaround in individual countries’ current accounts
• Sectors best positioned to harness the recovery, without offering undue exposure to risk


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