The FSA has told IFAs who have had to pay double fees after leaving a network to become directly authorised that they are unlikely to get a refund.Brigham Brining director David Brigham raised the issue at Money Marketing Roadshow in Leeds last week after he left Berkeley Independent Advisers at the end of March to become directly auth- orised and found he had to pay an annual fee twice to the regulator. FSA head of department, small business Michael Lord said the regulator was aware of the issue but it would “open up a can of worms” if refunds were granted. Unless an adviser moves from a network on December 31, he or she will have to pay the FSA fee twice, once through the network and then again for direct authorisation. Brigham called on the FSA to allow some sort of quarterly or half-yearly rebate when firms change authorisation status midway through a year. But Lord said the FSA has to account for its annual costs up front and so has to charge an up-front fee to advisers. He said the FSA has been looking at ways of dealing with the problem but claimed that plans such as charging fees on a quarterly basis were impractical. He said: “We are aware of the issue but it would open up a can of worms if we offered ref- unds – do we then offer them to everyone?” Brigham said: “How would a client feel if they were treated this way?”
Standard Life has set up an online client view service to include its Sipp and mutual funds and allowing advisers to view all client policies in one window. The service will focus on Standard’s Sipp and inc- lude information on fund valuations, investment instructions, cash transactions and the updated value of other investments such as […]
We have just had an important indication of the way the Inland Revenue will be policing the exploitation of what it calls “unintended” features of the way the current tax regime will interface with the post-A-Day regime.
Scottish Equitable Protect paid out 631 critical illness claims totalling more than 33m last year.
It has been a busy few months for Savills Private Finance, particularly at the top end of the market. So far this year, we have completed on 50 residential mortg- ages in the £1m-plus bracket – more than double the business done in the prime market over the same period last year. It is an […]
Jelf Employee Benefits has given its initial thoughts on the chancellor’s 2014 Autumn Statement. The company is seeking to isolate the sections of the speech (and the supporting document) that are relevant to the employee benefits debate. The first such area is pensions related.
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
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