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Relax polarisation to weed out multi-tied agents, says Pima chief

Polarisation must be relaxed to weed out IFAs who are really acting as multi-tied agents, says the new director general of the Pep & Isa Managers&#39 Association.

In his first week as head of the trade body, Tony Vine-Lott has not shied away from controversy by slamming IFAs for the lack of transparency about their status.

He claims many IFAs operate special arrangements with providers, which means they are not truly independent.

Vine-Lott previously served as Pima&#39s treasurer for four years on a part-time basis while working as a financial services consultant for accountants RSM Robson Rhodes. He wants to move Pima towards a more public role on policy matters, which is away from its traditional technical role.

Vine-Lott believes the key questions Ron Sandler has to address in his review of the retail financial services industry is advice – how it is provided, how independent is it and how it is paid for.

However, Vine-Lott says he does not want to abandon the origins of Pima. He says he will lobby the Treasury to make changes to Isas, allowing savers to switch between cash and equity Isas.

Vine-Lott says: “Polarisation has been extremely restrictive. The rules need to be relaxed. We need more disclosure of multi-tied agents. A large number of IFAs do tend to have multi-tied arrangements with providers.”


A consumer&#39s view

Standard Life storms into the buy-to-let market, read a news headline a couple of weeks ago. Perhaps it is just journalistic cynicism but it is difficult to dismiss the thought that this will probably signal the top of the property investment market, at least in the short term. Those of us who have been around […]

RSA primes up on Europe

Royal & SunAlliance has applied the stockpicking techniques of its UK prime fund to Europe. The European prime fund is an open-ended investment company (Oeic) that aims for growth by investing in around 30 European stocks. The company believes a concentrated portfolio of stocks will help investors attain the high levels of return they were […]

Product matters

It would not appear to be an ideal climate to launch a new fund but I suppose a fixed-interest fund would have more chance of success than anything else. The Five Arrows monthly income fund appears to have a number of attractive features, not least of which is regular income. High-income bond launches have been […]

Sole traders to pay less after N2, claims FSA

The FSA claims most of the UK&#39s 1,500 sole trader IFAs will pay less in fees to the regulator after N2 under its proposed fee-raising arrangements. It says one-person firms currently pay between £1,110 and £1,670 to the PIA depending on the type of business but under the new structure the average fee will be […]

State of the markets: UK equity income

Artemis Income Fund manager Nick Shenton discusses the state of the UK equity income market with journalist Alexis Xydias. With the first three months of 2015 showing strong returns for both the Artemis Income Fund and UK markets generally, Nick Shenton discusses the fund’s top contributors – including overseas holdings Novartis and Bayer – and […]


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