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Surprise finding as advisers back services from networks

Problems with product providers and the regulator place a much greater burden on IFA businesses than problems with networks.

The results of Money Marketing&#39s 1,000 broker survey in conjunction with H2B shows the biggest issue for network members is cost, with 33 per cent of 394 members saying it is a big problem, 32 per cent a medium problem and 35 per sent saying it is not an issue.

They are fairly satisfied with commission services, research on products and marketing materials. Most of the members, 356, think that compliance support is adequate and the majority do not feel their network has created barriers that would stop them leaving.

But Centre Financial Services adviser Terry Stevens says the reason he decided to leave Sesame-owned network DBS was because he felt the charges were too high for his turnover. He says: “Having just left DBS as it became Sesame, I am surprised by these results. I think that life is made very uncomfortable for those wanting to leave. Commission payment information has been withheld and after a 10-year relationship with the network I felt very let down.”


Rock says Emfa too political

Northern Rock is trying to distance itself from the European Mortgage Finance Agency project, saying the issue has become politicised. The bank was named as a supporter of Emfa when the initiative was launched last month along with Credit Agricole, BBVA, Irish Life & Permanent and Banco Comercial Portugues. But Emfa general manager Rob Thomas […]

Industry hits a bum note

The Diary would like to know what has come over the industry lately. Why the sudden obsession with baring flesh? Christmas spirit can go one step too far and the Diary is a little concerned at the bare-faced cheek of Clerical Medical and Bright Grey, whose respective revealing calendars have recently been doing the rounds. […]

ISIS welcomes VCT boost from Government

ISIS equity partners welcomed the Chancellor&#39s moves to boost VCT investment in his pre-Budget Speech. David Thorp, Investment Manager of the Baronsmead VCTs, said “We welcome the announcements, which are designed to increase the amount of money available for VCTs to invest in UK businesses with high growth potential.” Thorp, also Chairman of the VCT […]

Millfield cuts losses and boosts turnover

Millfield Group has reduced its losses and increased turnover by two-thirds while agreeing a £10m investment in its Lifetime wrap venture from Norwich Union. The Aim-listed national IFA cut its losses by 4.5 per cent to £5.6m in the six months to September 2003 from £5.9m for the same period last year and saw turnover […]

Guarantees in the retirement income market

Lorna Blyth, Royal London  Do guarantees benefit customers and, if so, when? To answer this conundrum we commissioned Millimans, a global actuarial consulting firm, to conduct an independent review of the UK retirement income market and whether guarantees really do offer customers better value for money. The brief The study was one of the most comprehensive undertaken […]


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