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Is IFA record-keepingof a sufficiently high standard?

“I can only speak for myself but as far as I am concerned I keep hard copies and computer files of all my client records but yes I believe most IFAs have a high standard of record-keeping.”

Ian Burns,Coburn Financial Services

“If anything, we go overboard and keep records of every correspondence with clients but my gut feeling is that the majority of the industry does not do things this way. I think there is a lot the FSA can do to increase standards.”

David Cox Co-operative Bank Financial Advisers

Yes, but it depends what regime you are under. We are with Sesame and we have to dot all the i&#39s and cross all the t&#39s.

Peter Hoar,Gosforth Financial Management

Yes, in my office, beyond that, I don&#39t know.

Robert Smith,The Mayfair Consultancy

Maybe. In today&#39s litigious atmosphere, many IFAs&#39 record-keeping is not as good as it needs to be to fight a legal claim.

John Mayhead,John Mayhead & Associates

“I don&#39t know if they are across all IFAs, I know mine are. But how does anyone know what they are in general unless they do a survey?” Bert Corcoran,BC Associates.

“I think that the record-keeping is appalling and inadequate and I think it leads to more complaints than is good for the industry. I think that IFAs are lazy, under qualified and its time they acted more professionally.”

Douglas Baillie,G60

Yes 12%

No 33%

Don&#39t know 55%


Low-cost problems

I could not agree more with Len Warwick&#39s article in Money Marketing on maturing endowment policies. There are, however, two points that about which we as an industry need to educate our journalistic friends. No endowment policy will produce a shortfall at matur-ity. That is a fact. I am old enough to remember non-profit endowments […]

nvesta – Selecta Plan

Type: Guaranteed equity bond Aim: Income or growth linked to the FTSE 100 and S&P 500 indices Minimum-maximum investment: Lump sum £3,000-£2m, Isa £3,000-£7,000 Term: Five years Guarantee: Original capital returned in full provided indices do not fall by more than 30% and return to at least their starting levels Return: Cautious option &#45 6.1% […]

Out of context

•”As Manuel in Fawlty Towers says &#39This week I know nothing&#39 but next week, next week I may know stacks.” – White Horse Financial Mick Stannard on post-holiday memory loss. •”I arrived at the restaurant a dripping wreck. The waiters had to dry me out.” – Chadney Bulgin partner Tom Chadney. •”I don&#39t know what […]

Friends cuts bonuses by an average of 3%

Friends Provident has joined the swathe of life companies making further cuts to bonus rates by reducing its payouts by an average of 3 per cent. The change affects bonus rates on some unitised policies along with final bonus rates on unitised and conventional with-profits policies. It means that a with-profits pension based on a […]

Time for a new approach to asset allocation

Trevor Greetham, RLAM’s head of multi asset, introduces the recentlylaunched RL GMAPs. Asset allocation has become an increasingly difficult challenge for investors and advisers in the years since the financial crisis. Sometimes violent price swings in stock and commodity markets coupled with the collapse in the rate of interest on bonds have made it harder […]


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