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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Aberdeen Standard Investments has agreed a joint venture with Virgin Money to provide asset management services to its customers. Under the terms of the deal, Aberdeen Standard will acquire 50 per cent of Virgin Unit Trust Managers for an upfront cash payment of £40m. The transaction is expected to be completed by the end of […]
Fewer savers are turning to an adviser before fully cashing out their pension, latest FCA figures show. Between April and September 2017, just 32 per cent of full withdrawals were advised, down from 44 per cent the previous year. 95 per cent of the decline in advice was attributed to cash outs for pots under […]
Hargreaves Lansdown will be able to return “loyalty bonuses” to investors tax-free after winning a legal battle with HM Revenue and Customs. The fund shop says at least £15m will collectively be returned to around 150,000 investors. HMRC has 56 days to appeal the decision of the Upper Tax Tribunal that loyalty bonuses are not […]