View more on these topics

Standard rejects IFA commission on trees

The future of stakeholder commission on group schemes is hanging in the balance again following Standard Life&#39s revelation it will not offer a tree-walking service to commission-only IFAs&#39 clients.

Standard says it has made the move because of fears that consumers will be confused over whether they have rec-eived financial advice or not.

It comes as life offices are also calling for further clarification on the FSA&#39s stance on indirect benefits, claiming regulatory update 88 does not go far enough to allay stakeholder compliance fears.

The new confusion follows the publication of RU88 last month, which was issued by the FSA to confirm IFA commission can be paid when life offices either treewalk potential stakeholder scheme members, or populate schemes through direct offer advertisements, as long as these mailshots do not advertise the IFA that set up the plan.

But life offices say uncertainty still surrounds when commission is payable and are urging the FSA to issue further guidance.

Standard Life assistant general manager (marketing) Graham Storrie says: “We don&#39t plan to extend the tree-walking service to commission-based IFA clients.

“We believe there is an extra compliance risk because consumers might be confused about whether they have been advised or not.”

Axa Sun Life head of business development Steve Bur-gess says: “We are not sure if we can pay other associated costs. If we are not even allowed to put any reference to the IFA on the direct offer material there is a potential for customer confusion. Does a telephone number constitute an &#39advertisement&#39?” FSA spokeswoman Jackie Blyth says: “We would expect people to know what constitutes an advertisement and if they have any further questions they should raise them with the FSA.”


Trackers – the debate continues

Archie Clifford&#39s suggestion (Money Marketing, May 17) that “God invented trackers” said far more about the quality of his “rational” analysis of that product than anything I could write. Indeed, his defence of trackers contained every platitude from “prepare to meet thy doom” to “kindly adjust your address before leaving”. Perhaps Mr Clifford failed to […]

Get building with Britannia

Britannia Building Society is laying new foundations in the mortgage market with the introduction of the self-build mortgage.Self-build is aimed at people who are looking to build a house from scratch and has been introduced in co-operation with self-build specialists Buildstore, formerly known as the Self Build Advisory Service, which offers advice on building your […]

B C Asset Management – Property Income and Growth Fund

Tuesday, 29 May 2001.Type: Split-capital investment trust.Aim: Income and growth by investing in UK property, investment trusts, corporate bonds and equities.Minimum investment: Subject to negotiation with stockbroker.Place of registration: Guernsey.Investment split: UK property 75 per cent, investment trusts, corporate bond s and equities 25 per cent.Yield: 9 per cent.Isa link: Yes.Charges: None.Commission: None.Tel: 01202 201438. 

Sun Bank gets the five-year fix itch

Sun Bank, the mortgage arm of Sun Life Financial of Canada, has brought in the five-year fixed rate mortgage.The mortgage has a fixed rate of 5.74 per cent for loans up to 75 per cent of valuation until September 1, 2006 and is aimed at both first time buyers and people looking to remortgage. After […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm