Are you ready to implement the menu system when it comes in on June 1?“Yes. There are probably still a couple of things we need to work out but we have plenty of time allocated for that.” George Chakko George, Progressive Independent Advisers”No. I have not really given it a lot of thought but it is creeping up on us.” Alan Northeast, Northeast & Thakrar”No. I am not ready but I will be by June 1. We have known it has been coming for long enough so there should be no reason why an IFA is not ready.” Graeme Mitchell, Lowland Financial”No. We have not finalised our details and we are going to find the deadline tight. The problem is the FSA table on comparative costs of sample comm-ission is very complex. The timetable is unrealistic.” Jim Turner, Innes Reid Investments”Yes. We have always offered both commission and a fee menu system for charging anyway. It is nothing new for us so we feel in a strong position. It will not make that much difference at all. We have a wide range of clients looking for a wide range of solutions and we offer them the widest range of payment options.” Linda Kent, Bracondale Financial Services IFA”Yes. I am ready and the firm as a whole is certainly ready. I can see why the FSA is doing it and where they are heading but it seems to be duplicating a lot of the paperwork that we already do.” Ian Green, Insight”Yes. In some ways, we are reliant on our network but I cannot see the menu system causing us a problem as we have prepared well for it. The only issue will be an increase of paperwork.” Andrew Whiteley, WHM Financial ServicesYES 62%NO 38%
Selestia is adding 23 Schr- oder funds to its collect- ive investment bond and offshore collective investment bond products. The online business solutions adviser is offering investors the choice of up to 23 equity, bond or multi-manager funds. Until now, these funds were only available to unit trust, Isa and Pep investors. The funds include […]
I was very disappointed by the recent article in Money Marketing by Bhupinder Anand, who I know is held in high regard. His criticism of Hargreaves Lansdown research director Mark Dampier appears to me to be based on the view that Mark had been quoted as saying something which may not have been positive for […]
Close Asset Management has appointed SG Asset Management’s Rufus Warner as chief executive officer of Close Finsbury Asset Management.
Mortgage intermediary Cartel is offering a lifeline to members of Perthshire mortgage processor National Mortgage Services following its closure to business on April 1.
In November last year, the FCA announced that from 31 March 2017, early exit pension charges will be capped at 1% for those customers who are eligible to access their retirement savings from age of 55. The rules also state that for new personal pension plans started after that date, or on new increments into […]
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
Fiducia managing director on ‘good old-fashioned’ customer service in the digital world Anthony Scott is adept in the art of communication. As an adviser and a novelist (he has written the novels ‘On Ashover Hill’ and ‘The Birthday Gift’) it is crucial for the Fiducia Group managing director to engage and build a rapport with […]
The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]