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SimplyBiz to offer firms buyout deal

SimplyBiz has launched a practice buyout initiative offering IFAs the ability to transfer clients to its non-advisory service Capital Rewards Plus or to a panel of IFA firms if the clients require ongoing advice.

The firm says the initiative is aimed at IFAs retiring from the industry, those who are segmenting a client bank ahead of the RDR and those who are removing their investment service to concentrate on other areas post-RDR.

Currently 12 IFA firms have agreed to take on extra clients as part of the service.

The scheme pays 70 per cent of renewal income to the IFA for five years, in addition to 20 per cent of the income created by new business from their existing client bank.

SimplyBiz joint managing director Neil Stevens says: “The average retirement attrition of approximately 5 per cent each year as advisers finish long and successful careers had been a key driver for us developing this new service.”



Aifa posts deficit of nearly £200K

Aifa has posted an operating deficit of £194,419 for the year to June 30, down from a surplus of £14,919 for 2009/10. Results published on the Aifa website show that turnover at the trade body is down 12 per cent from £1,853,393 to £1,629,319. Aifa is currently considering introducing higher fees for networks to bring […]


FSA clarifies adviser charging rules

The FSA says where adviser charges are paid through a product, providers can deduct the charge before or after the client’s money is invested. In an RDR consultation paper on adviser charging, published today, the FSA says providers can either pay the full amount received from a client into a product and then deduct the […]

King backs bid to make BoE more accountable

Bank of England governor Mervyn King has told MPs he would back the creation of a new Parliamentary committee to boost the bank’s accountability. Under proposals in the draft Financial Services Bill, the bank’s powers will be extended considerably. The Prudential Regulation Authority and the financial policy committee will be based in the bank, alongside […]

Williams says MMR does not address the changed world

The world has moved on since the FSA started its mortgage market review and the proposals may not meet the needs of today’s market, according to Imla executive director Peter Williams. He said: “Do the FSA have a view of what landscape they are going to produce? And how does that landscape fit with the […]


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