View more on these topics

Reform being driven through too fast, says Thoresen

Aegon Scottish Equitable chief executive Otto Thoresen is warning that the timetable for implementing the retail distribution review reforms is too tight and could drive good advisers out of the industry.

At the annual Sesame symposium in London last week, Thoresen said reducing adviser numbers in this way will restrict consumer access to advice.

He said: “The timetable for ramping up independent advice seems to be more of a priority than developing new models in the mass market from the FSA’s perspective.
“We need to be very careful because the advice reforms add to cost and reduce access to advice. We must not get into a position where we are forcing good people out of the industry. People in this country need professional advice more now than ever before.

“It also seems like they are trying to move too fast. It might be very challenging for firms already under stress.”
Thoresen expressed disappointment that the RDR paper did not give further thought to the corporate market and suggested more work was needed on adviser charging.
He said: “The destination is right but here are big practical issues to resolve.

“The successful future of our industry depends on getting close to our customers and making ourselves deserving of their trust. I am convinced that the IFA market is a cornerstone around which that future can be built.”


FSCS rejects watchdog over split-cap payouts

The Financial Services Compensation Scheme has over-ruled the Financial Ombudsman Service’s definition of “low risk” in relation to split-cap misselling and is refusing to pay out on cases upheld by the FOS.

FSA has no role in bank pay so why meddle with IFAs?

First, I want to comment on Ted Cordener’s letter (Money Marketing, November 20) where he urges the Chartered Insurance Institute not to steal the IFS name for the CII’s own use.

Charcol close to completing restructure

John Charcol has taken out a new debenture loan while its company accounts and annual returns remain overdue but the firm says its restructure is “almost complete”.


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 advice.

    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