As you are probably aware,Lazard have now become part of the Fidelity Funds Network which, you might reasonably think, requires no action on the part of either us or our clients other than to consider the vastly wider range of funds now available. Not so.Crazy though it may seem in respect of investments made many years ago, perhaps more than a decade ago, Fidelityare insisting that, as far as they are concerned, all existingLazard clients arenew clients and therefore subject to the rigours ofhaving to prove theiridentity and of their address, as if they are investing money with Fidelity for the first time. To my mind this is bureaucracy gone utterly mad. It is just stupid, pointless, unnecessary and time-wasting jobsworthtiny mindednessbut if we and our clients do not comply Fidelity say they will freeze their accounts (not merely liquidate them), so we really have little choice in the matter.What is the world coming to? Julian Stevens WDS IFAs, Bristol
Should product providers have more rigorous testing processes in place to ensure they do not blow up down the line?
Fairs IFA Software has signed a partnership with online pension calculation provider Selectapension. The deal aims to provide advisers with a full set of retirement planning calculation tools from within the Fairs IFA Manager product. Fairs says it is the first back-office IFA product to offer extensive retirement planning calculations. It says the Selectapension tool […]
The fact that we have such an array of multi-managers to choose from should be seen as an advantage for advisers but is it?
Perhaps the industry needs a little bit of Dutch courage in its dealings with the regulator.
By Tracey Dickson, marketing consultant There are almost 7 million carers in the UK – that’s around 10 per cent of the population who provide unpaid care for a disabled, seriously ill or older loved one.1 But according to a report from the charity Carers UK, 20 per cent of people providing 50 hours or more of care […]
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
Retirement interest-only mortgages are set to become more popular following the FCA removing hurdles to selling them. The regulator sees RIO mortgages as a possible aid to the waves of maturing interest-only loans with no repayment strategy. However, the FCA also wants RIO mortgages to be sold more widely, for example as an additional option […]
The FCA scrutiny of the asset manager continues apace, with attention now turned to closet tracker funds. Following regulatory lessons and actions already seen in Scandinavia, it has ordered unnamed asset managers to pay out £34m in compensation to investors for overcharged fees. At least one group is facing enforcement action over “very misleading” marketing […]
The FCA has told advisers to make clients aware of their right to refer complaints to the The Pensions Ombudsman, not just the Financial Ombudsman Service. Currently, advisers must notify clients that they can complain to the FOS if they believe they have been miss-sold, but are not required to signpost TPO. While complaints over […]