The choice is about what extra firms Aifa will allow into its ranks and indeed what firms, if any, it may expell. The potential menu in various combinations includes independents and whole of market, hybrids which include multi-ties and pure multi-ties.Aifa does not envisage allowing membership for single tied although the boundary may require definition. To help concentrate minds, Aifa says keeping the organisation exclusively to independents and whole of market businesses will increase costs considerably for members. So what is at stake? Well, beyond a name change, Aifa loses a great deal of the clarity of message if it no longer solely serves independents. IFAs may have to listen to DG Chris Cummings defending multi-ties on the airwaves and in the papers. But without at least some easing of the criteria, it will lose members and clout. If it allows pure multi-ties, it could include Openwork, formerly the old Allied Dunbar franchise, which may rankle with some. Obviously, the FSA will want one body although the onus should be on the regulator, even one as arrogant as the FSA, to come to terms with how advisers decide to represent themselves not to dictate how they do so. For the moment, Money Marketing will reserve judge-ment. We throw open our pages for a full and frank debate.
Thinc Destini is starting an aggressive recruitment drive for nearly 300 more advisers now that the FSA has given the merger the go-ahead. The combined group had around 650 advisers at mer- ger on July 11 and is aiming to take up to 14 advisers a month over the next two years. Just a day […]
When offered the choice between cash and stakeholder Child Trust Fund accounts 70 per cent choose cash, according to the Building Societies Association.It says in June over 50,000 CTF accounts were opened by the eight providers of both options with 31,000 being cash CTFs.The BSA also says net receipts into cash CTF accounts were over […]
The FSA has finally bowed to industry pressure by recommending sweeping changes to its enforcement procedures. The proposals, which come in the wake of the Legal & General endowment debacle and criticism of the FSA by Prime Minister Tony Blair, are designed to remove bias and a perceived lack of fairness in the FSA’s enforcement […]
Axa Investment Managers has appointed Keith Robinson and Stephanie Walsh as fund management analysts. Robinson spent three years at Isis and Walsh spent four years at Morley FM.
Most investors are better off than they were 12 months ago despite the summer’s volatility. Will next year bring the (delayed) global slowdown? Artemis’ senior partner weighs up the factors.
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- Top trends
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Three fund selectors give their views on choosing passive funds, blending, and investor suitability
The youngest ever fellow of the Personal Finance Society has moved to a new advice firm. Vito Faircloth gained the accolade last year at the age of just 22. He became level four qualified in August 2015 before taking additional exams with the professional body. Chief executive Keith Richards described the achievement as “truly remarkable”. […]
Providers are calling on the Work and Pensions Select Committee to tackle the advice gap and tax on pension withdrawals in its review of pension freedoms. The committee said last month it was opening an inquiry into whether the pension freedoms are achieving their objectives and if policy changes are needed. In its submission to […]