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Survey reveals IFAs&#39 overwhelming call for provision of advice on stakeholder

An overwhelming 96 per cent of IFAs say the Government&#39s stakeholder proposals must contain provision for advice if they are to increase demand.

A survey of 500 IFAs conducted by The Exchange reveals 64 per cent of IFAs believe that less than 10 per cent of consumers will be able to make investment decisions based on “guided self-help”, and a further 31 per cent believe the level to be between 10 per cent and 25 per cent.

Only 5 per cent of advi-sers say that at least half of savers would be able to make investment decisions after following the proposed guided self-help filter.

The Exchange says the Government&#39s desire to limit product provider charges could be counter-productive if the charge cap is too low to encompass financial advice for the majority of the population.

Sixty-four per cent of IFAs feel the Government should help fund advice for people who cannot afford it and who will not realistically receive advice under a 1 per cent cap.

The Exchange public relations manager Charlie Musson says: “Experience shows that consumers are largely apathetic and need the stimulus of an adviser to help them make decisions. Currently, saving contracts are not compulsory and this research reinforces the fact that these types of product are going to have to be proactively sold to most people and the charge cap must take this into account.”


Three-year fix for adverse credit

Kensington Mortgages is offering a three-year fixed-rate mortgage for adverse-credit clients. It says it is the first specialist lender to offer such a deal. Rates on the mortgage start at 5.75 per cent and are fixed until November 30, 2006. There are no early repayment charges after the first three years. Kensington has extended the […]

RLAM&#39s Phillips becomes Swip chief

Scottish Widows Investment Partnership has appointed Chris Phillips, chief executive at Royal London Asset Management, as successor to Bill Main who retires later this year. Phillips will take over from chief executive Main in December after three years with RLAM, where he helped build the business through the integration of the investment arms of United […]

Two thirds of consumers like long term fixes – L & C

Nearly two thirds of borrowers (63 per cent) say they like the idea of long term fixed rates, according to a financial survey carried out by London & Country. Borrowers who were not keen on the idea of long term fixed rates (37 per cent) said this was down to the level of interest rate […]

Nationwide launches new fixed rates

Nationwide has launched a new range of fixed rate mortgages following recent movements in the money markets. The building society is now offering a two-year fixed rate mortgage from 4.39 per cent up from 4.09 per cent. Also available is a three-year fixed rate from 4.69 per cent up from 4.39 per cent and a […]

Leading Edge June – Investment panel debate

RLAM’s asset class specialists discuss some of the findings from the panel session at our recent Investment Conference. By Rob Williams, Head of Distribution Welcome to the latest edition of Leading Edge. It has been an eventful six months since the last e-zine. The European Central Bank announced ongoing stimulus measures, while the immigration crisis in Europe threw the […]


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