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Taking issue with role of the CA

CA director Sheila McKechnie demonstrates the seamless transfer of consumerists from single-issue research into single-issue six figure income news management in the FT with the headline, If this industry can rip off consumers, it will.

From being an unbiased observer, she joins those of the Daily Mail ilk, that is, if it is not news, it gets printed, if it is news, it is omitted, so if she has anything worth saying, it is compromised.

Single-issue treatment without following through the connections has done enormous damage to financial services. At long last, it is realised that employers faced with global competition have problems maintaining final-salary pension schemes, especially when they are chock-full of ex-employees.

In truth, transfers or opt-outs may help schemes continue. High pension costs deter employment and in the public services, outsourcing is one response to taxpayers unwilling to pick up the tab for index-linked pensions. Far from creating pensions heaven on earth, the CA has supported a regime of compensation profiteers. Even schoolgirl economics should show proof that a shortage of advisers means costs rise and explains why fee chargers are onside for the abolition of commission.

Of course, there are some abuses by advisers but there are also bent coppers and that does not mean we close down the police force.

As the regulation procession continues, destroying what was left of the industry compulsion becomes the cry, proving once again that the outcome is the opposite of what was intended Instead of consumers with free choices, we have state control and no need for a consumers&#39 association.

Roy Bennett

Hackbridge, Surrey


Misys seeking to grow value through flotation

Misys intends to float its IFA network businesses within two years, creating a self-contained entity comprising the five networks – Countrywide, DBS, Financial Options, IFA Network and Kestrel – and the software arm.Misys is known as a software business. We get discounted in the market for being a conglomerate so our vision is that Misys […]

Sarasin – Sarasin CI Income Portfolio

Wednesday, July 24, 2002Type: Unit trustAim: Income by investing in bonds, equities and cashMinimum investment: Lump sum £2,500, monthly £100Place of registration: GuernseyInvestment split: Bonds 70%, equities 20%, cash 10%Yield: 4.5-5%Isa link: NoCharges: Initial 4%, annual 1.25%Commission: Initial 3%, renewal subject to negotiationTel: 020 7246 0430

LIA says advisers would do better under DPS

IFAs would do better under the FSA&#39s defined-payment system than under Ron Sandler&#39s proposals for the remuneration of advisers, claims the LIA.Under Sandler&#39s plans, advisers would negotiate payment with clients, a process the LIA does not believe IFAs are prepared for.Director of public affairs John Ellis says that under the DP system, IFAs can still […]

Outside Edge: Nick Bamford

Alan Pickering has had an unenviable job to do. He was tasked with making proposals to simplify a complex set of pension rules.Only time will tell if his proposals achieve this aim. As he stated when interviewed by BBC recently, he and his report might be condemned to the dustbin of history. At a time […]

Global income: preparing for a rate rise…

In the five years since we launched the Artemis Global Income Fund, its manager Jacob de Tusch-Lec has built a distinctive portfolio that is first among its peers. Here he explains why his “quality, cyclical and value yield” stocks, and flexible approach, leave the fund better placed to benefit from uncertainty than funds that depend […]


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