Sesame is in dispute with the FSA over a 2.5m demand it received after an error by the regulator meant it was undercharged last year.Network members could face an extra charge of 670 per adviser if the regulator succeeds in recouping the money it says it accidentally failed to collect last year. The network has written to members explaining the situation. It is disputing the FSA’s demand that the full amount should be paid now. Sesame has not yet accepted the bill, which, if it does become payable, will be passed on to its 3,782 full service RIs, although it will look at ways that payments can be spread. The initial bills for 2004/05 were sent out for 1,442 per full service registered indiv- idual, which meant there was no increase from the previous year. In May, the FSA said most fees would either go down or stay the same. Sesame head of strategic propositions Alistair Conway says: “It is hard enough when fees increase year on year without an additional bill being added on at the last minute. Members might not welcome these fees but they accept them. What hurts is not being able to plan for them corr- ectly. It is up to the FSA how they handle the spread of this, if there is a hole in their accounting, but simply to send us an extra bill will not wash.” FSA spokeswoman Samantha Bennett says: “We have made an error on Sesame’s billings for 2004/05. It only affects Sesame and we are in discussions with them over how to reach an agree- able conclusion.”
Nationwide Building Society got more positive media coverage in July than any other pro-vider, knocking Halifax off the top spot in the latest Presswatch analysis of the financial services sector. Industry pundits and journalists praised the society for its standard variable-rate mortgage which was deemed one of the best in the industry. Nationwide also got […]
The DWP has published three independent studies into hybrid, or risk sharing, pension scheme designs to increase knowledge of these plans and promote discussion and better understanding of them within Government and the pensions industry.
I refer to Terence O’Halloran’s letter attacking Dianne Hayter (MM, 18 August). I would be interested to know his reasons for concluding that consumers would be better off without representation by a consumer panel. He mentions the disappearance of defined-benefit pension schemes. How does he think that relates to consumer representation, particularly when most consumer […]
The UK fund industry review for 2005 ranks fund management firms by the percentage increase in funds under management. But is growth in size important to an IFA when choosing a fund manager or is it what they do with their funds that counts?
Trevor Greetham, RLAM’s head of multi asset, introduces the recentlylaunched RL GMAPs. Asset allocation has become an increasingly difficult challenge for investors and advisers in the years since the financial crisis. Sometimes violent price swings in stock and commodity markets coupled with the collapse in the rate of interest on bonds have made it harder […]
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The curious goings-on in the world of financial services
Experts have played down any immediate moves from the FCA towards those firms that are not prepared for Mifid II regulation that comes into force on 3 January 2018. However, concerns remain that a “material number” of small asset managers have not yet started preparing for the major European regulation. The FCA expects firms to […]
OMGI chief executive and star fund manager Richard Buxton is set to lead a management buyout of the single-strategy funds division of Old Mutual Wealth with the backing of TA Associates. The £550m deal is set to be announced before Christmas, Sky News reports. The buyout is part of Old Mutual’s managed separation, which is […]