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Stable times are needed for 2006

At this time of year, Money Marketing traditionally asks advisers how the year went.

Was business good as you rode out the worst that regulation could throw at you and did you do a great job for your clients nonetheless? Did you sort them with that mortgage despite the increased paperwork, help them insure themselves, benefit from stockmarket returns or even convince them to put something in a pension? We are sure that most of you did and are now helping to explain the ludicrous U-turn over property Sipps.

Of course, you may not be an IFA any more, having joined the exodus to pure mortgage broking or perhaps you have gone multi-tied. The numbers of whole of market advisers remain unclear but probably make up a sizeable section of the adviser population too.

Whatever your status, the biggest cross-industry issue remains the stability of some IFA groups. Many remain dogged by senior personnel changes, cumbersome costs, past regulatory problems and ultimately a failure to make money. A high-profile failure in the next few weeks would be very bad news for all concerned.

The regulator remains ever-present, increasing its remit with mortgages and GI and continuing a hard-line stance against advisers despite its rhetoric about principle-based regulation.

But the biggest problem remains that good advisers have to pay for the failure of others through the compensation scheme. The system is perverse and it has to be hoped that Aifa can convince the FSA that the system does not work and will eventually deny the public access to financial advice. Let us hope that common sense prevails.

In the meantime, we wish all our readers at fund managers, lenders, life offices, regulators, and, most important, at advisers, a Happy Christmas and a Successful New Year.


Suffolk Life launches A-Day website

Suffolk Life has launched a new website for financial advisers to add with pre and post retirement planning in the run up to A-Day.The site offers a Sipp illustration wizard, information on A-Day changes, pension news and an income drawdown calculator. The Sipp illustration wizard allows advisers to produce online illustrations for clients and advisers […]

Public unaware they lose redress rights

Nearly two-thirds of women and over half of men are unaware that they have no right of redress from the Financial Ombudsman Service on protection products that are bought direct, according to a survey by Lifesearch. The survey finds that 62 per cent of women – the primary shopping demographic and most likely to see […]

Savills eyes non-conform market

Savills Private Finance is set to enter the non-conform- ing mortgages market in the new year. In a break from its traditional focus on top-end lending, Savills is also considering a move into affordable housing and looking to double the staff in its international mortgages arm. The London firm is looking to expand its broker […]


Guide: what you need to consider for your auto-enrolment project

In this guide, Johnson Fleming reveals what items you need to understand to gauge the impact of auto-enrolment on your business. The guide focuses on: the impact that your auto-enrolment scheme will have on you; assessing your workforce; understanding your staging date; reviewing your current provision; and modelling contribution levels and costs.


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