View more on these topics

Real waste of our real time

Unsolicited real-time financial promotion to a Potential Intermediate Customer (sorry, “letter to the editor”).

Dear “Potential Intermediate Customer,” I am issuing this “unsolicited real-time financial promotion” to invite you to a “solicited real time financial promotion” designed for potential “intermediate customers” and “private customers” at the Jargonfree Hotel in Jargonfreetown. We have classed you as an “Intermediate Customer” because you are not a “market counter-party” or a “private customer” even though you may conduct “designated investment business” on your own behalf. The “solicited real-time financial promotion” will include details of “designated investment business” that this firm is allowed to give “best execution” services on within the “scope of permission notice” as authorised by the industry regulator, the Financial Services Authority.

We will not be entitled to conduct “relevant business” with you as you are not a “private customer”. In addition, you should be aware for your own protection that you may not come under the “jurisdiction of the FOS” but might come under the “jurisdiction of the FSCS”.

The “solicited real-time financial promotion” will also provide details on how the industry is simplifying the distribution of financial instruments to encourage you to plan more effectively and remove the need for jargon.

You will also be provided with details of all the new types of financial adviser that may be available to you shortly such as independent financial advisers, tied agents, tied agents with adopted packaged products, multi-tied “distributor” agents tied to the whole market, multi-tied “distributor” agents tied to part of the market and lower-qualified general financial planners who provide generic “best execution”. We have decided to remain independent and will explain the benefits of this to you.

Part of this is that we are now charging higher fees for our services to reflect increased administration costs rather than taking commission or offsetting commission.

The fee to attend this “solicited real-time financial promotion”, which reflects the time taken in unravelling the new rules and jargon for you and presenting your options, is 1,200 euro. We can, of course, convert this to sterling for you for a fee of 60 euro.

Disclaimer: Please be aware when attending the “solicited real-time financial promotion” that this firm does not offer “adopted packaged products” but we may undertake “ancillary activities” as well as “regulated activities”

I enclose a dictionary and look forward to welcoming you to our “solicited real time financial promotion”. Before attending, you are required to provide details of your identity for money-laundering regulations.

Ashley Clark

Approved Person, CF1, CF21 and CF24 but not responsible for CF8, CF10, CF11,

Director,Roberts Clark and Need An end of unsolicited real-time financial


Deals are already changing industry

Is this anarchy in the UK financial services industry?Last week brought three major deals covering nearly 500 RIs. Aegon, after a slow start, has pulled level with Norwich Union, Friends Provident, Skandia and AMP with Widows just behind in the dash for distribution. It is hoping to own or part-own between 300 and 400 hundred […]

New corporate comms director at Axa UK

Axa UK has announced the appointment of Christina Bowman as director of corporate communications, assuming responsibility for all the corporate affairs activities of Axa UK&#39s operations in the UK and Ireland.Bowman joins from public relations consultants Hill & Knowlton where she was a board director. She has also worked in the past at Scottish Mutual […]

Warning that reviews flood will sink savings confidence

The head of the financial services practitioner panel is warning the Treasury and the FSA that the consequence of the present multitude of reviews could be damage to the economy and savings confidence.Panel chairman Donald Brydon says too many reviews could distract management at a time when the industry is already being squeezed by falling […]

Mortgages plc and Pink Home Loans launc h new range

Mortgage distributor Pink Home Loans has linked up with specialist lender Mortgages plc to offer a new range of base rate tracker products. The &#39Crystal&#39 mortgage range is a selection of base rate tracker mortgages with a 1.5 per cent discount until August next year. Rates start at 5 per cent and are tiered according […]

Flexible reversionary trusts and estate planning

The suitability of different estate planning solutions will depend on the individual’s own circumstances, needs and objectives. When considering the different solutions available there is a trade-off between inheritance tax (IHT) efficiency and access. Overall a flexible reversionary trust provides a greater level of flexibility than a discounted gift trust and can offer individuals a […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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 thought leadership.

    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