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Review reports to be quarterly as small firms flag

IFA firms will have to make quarterly progress reports in the pension

review bec-ause small advisers are having difficulty sticking to the


The announcement was made in the FSA&#39s annual report addressing concerns

raised by the Financial Services Consumer Panel about IFAs&#39 progress on

phase two.

Small IFA firms represent only 5 per cent or 4,500 of the 900,000

outstanding cases but the FSA still wants quarterly public reports instead

of the current six-month reports.

The report says: “Bec-ause the sector poses particular challenges, we have

invested significant res-ources in the review in this sector.”

Aifa says it hopes the need for small firms to report more frequently will

not distract from the main business of completing the review.

In the annual report, chairman Sir Howard Dav-ies admits the regulator has

been forced to postpone some “business as usual projects and in some areas

temporarily scale back our routine regulatory activities”.

The FSA has not expanded its staff to deal with the preparations for N2,

which is expected in November, when the regulator will get full statutory


A spokesman says none of the ongoing reviews into past performance,

with-profits, polarisation or disclosure will be affected.

Financial Services Consumer Panel chairman Colin Brown says: “The

regulator has taken our views on board but we will have to wait and see how

the cases are dealt with.”



The Mortgage Operation – Mortgage Cover Plan

Tuesday, 26 June 2001.Type: Decreasing term assurance.Minimum sum assured/premium: £1,000/£8 a month.Minimum-maximum term: Five years – 45 years.Charges: None.Commission: Initial 135 per cent of first years premium.Tel: 020 7571 3016. 

BFS starts to look at propertied split caps

Split-capital funds specialist BFS Investments is getting into the property market for the first time with the introduction of the BFS managed properties fund.Domiciled in Guernsey, the fund is a split-capital investment trust that is aimed at both institutional and private investors who are looking for income and growth from a medium-risk investment.The fund will […]

Mimi offers protection

Miles says: “As this plan has to be taken out in connection with a residential mortgage, it is unsuitable for business protection purposes.” Moseley says it could be very useful.Looking at Liverpool Victoria&#39s reputation, Miles says: “Liverpool Victoria has yet to establish itself as an IFA company but Permanent, the company it has acquired and […]

SocGen Looks to corporate bonds

SOCGEN ASSET MANAGEMENTCorporate Bond FundType: Unit trust.Aim: Income by investing in corporate bonds.Minimum investment: Lump sum £1,000, monthly £50.Investment split: High-grade sterling-denominated corporate bonds 80 per cent, fund manager&#39s discretion 20 per cent.Yield: 5.5 per cent.Isa link: Yes.Pep transfers: Yes.Charges: Initial 3.5 per cent, annual 1.25 per cent.Commission: Initial 3 per cent, renewal 0.5 per […]

Industry under fire over pension freedoms

By Jamie Clark, Business Development Manager, Royal London Recent articles in the media have raised concerns about the new pension freedoms. One perceived problem is that across the industry, trustees and providers are not necessarily allowing people to take full advantage of the pension freedoms in situ. This is backed up by a recent survey by […]


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