IFAs fulfil an invaluable role for small and medium-sized investors and are unfairly criticised because of the actions of a few, says New Star chairman John Duffield.He says the big banks are not as interested in the smaller investor, who he believes will suffer if IFAs are squeezed out of the market. He says: “Someone with 10,000 or 50,000 needs advice even more than a rich person and these advisers need to be paid properly. “The IFAs are fulfilling an indispensable role and because sometimes it goes wrong and you get bear markets where everyone loses money, they are unfairly criticised.” Duffield believes that the FSA is playing a major role in the continuing success of London as a global finance centre. He says: “London is a highly successful financial centre. Quite a lot of people in New York now accept that London is more important and it is miles ahead in Europe. “If the London financial community is doing very well, which it is, the regulator plays a very important role. The regulator presides over it and it would not be so successful if it was not doing an excellent job.”
Pension bods from the three political parties must be sick of the sight of each other with three seminar events squeezing themselves in this week before Parliament goes into recess next Tuesday.
Mystery surrounds the identity of four mortgage networks that have voluntarily agreed not to recruit further appointed representatives following an FSA investigation.
Norwich Union is understood to be the only major insurance company which has failed to meet the FSA’s new product sales data requirements. From July 28, providers are required to provide information on whether products were sold on an advised or non-advised basis but NU will miss this deadline as its systems are unable to […]
Birmingham Midshires has launched a new direct savings account with a rate of 4.75 per cent, looking to challenge the likes of ING.The account has been launched with the promise that it will pay 0.25 per cent more than the popular ING Direct Savings account until 1 August 2008.But Moneyfacts.co.uk warns that conditions in the […]
Loomis Sayles’ Macro Analyst, Craig Burelle, discusses the key takeaways for bond markets during Q3 2016 and looks at the outlook for global growth and inflation. Click here
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Royal Bank of Scotland has joined rivals like HSBC in launching an automated investment advice service for more than five million customers. The bank claims to be the first bank in the UK to launch a “fully regulated” robo-advice service, which will be under its NatWest brand. The service, live from Monday, is targeted at […]
There is nearly £8.5bn in “drifted” legacy UK equity income funds that have underperformed against the sector over the past decade, research has found. As the fund management industry awaits Mifid II next year, Morningstar has analysed the competitive UK Equity Income sector on behalf of Money Marketing and found about 10 per cent of the sector’s […]
Old Mutual Global Investors has appointed Freddie Woolfe head of responsible investment and stewardship, reporting into chief executive Richard Buxton. Woolfe joins from Newton Investment Management, where he was a responsible investment analyst primarily covering the healthcare and technology, media and telecommunications sectors. Previously he held roles at Hermes Equity Ownership Services and HSBC. Woolfe will […]