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Review of 2004: AIFA

After five years of fighting the IFA corner for all he was worth, Aifa director general Paul Smee announced he would be leaving in December to join the Association for Payment Clearing Services as chief executive.

2004 has certainly been an eventful year for former civil servant Smee, encompassing a savaging at the hands of the Treasury select committee over Berkeley Berry Birch’s “dumping” of its liabilities on the Investors’ Compensation Scheme.

The year also saw the long awaited emergence of final rules for depolarisation, which included final details on the menu, which Smee describes as his greatest achievement at Aifa. Although never happy about the inclusion of the market-average figure, which he is concerned could limit competition, even as he was leaving Aifa, Smee was still urging IFAs to embrace the menu or see the end of commission.

His replacement, David Severn, comes from the FSA and is likely to bring considerable changes and insight into the workings of the regulator. Facing 2005 with a new director general and the complexities of depolarisation, the menu and the IMD to get to grips with, IFAs cannot be blamed for feeling a slight touch of trepidation.


Crombie admits policy failure

Standard Life chief executive Sandy Crombie has admitted to a panel of MPs that demutualisation is a result of poor management decisions rather than the fault of regulation.

David Aaron Partnership declared in default by FSCS

The Financial Services Compensation Scheme has declared the David Aaron Partnership and David M Aaron (Personal Financial Planners) Limited in default, paving the way for consumers to receive compensation from the Scheme. Both of these firms traded, at different times, as The David Aaron Partnership.FSCS has written to claimants of The David Aaron Partnership to […]


House prices fall for sixth time in rowThe National Association of Estate Agents says the average property price in the UK fell for the sixth month in a row in November and now stands at £210,152. Annually, prices rose by 4.8 per cent, the lowest annual increase seen this year as the slowdown of house […]

Party on, Lansons

It is that time of the year when the Diary rewards those most deserving souls in the industry for their efforts to keep gout-ridden cynical financial journalists happy. Party of the year The Lansons bash remains a firm favourite and, as no one on MM can remember what happened, we are taking that as a […]


The Brunner Investment Trust – April 2017

Welcome to the latest update for The Brunner Investment Trust PLC from the Trust’s portfolio manager, Lucy Macdonald. Market Review Global equities have rallied over the first quarter of 2017, buoyed by signs of strengthening growth and optimism over company earnings, although this rally has faded towards the quarter end. US equities posted their strongest […]


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