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The best course of action

Your article in Money Marketing last week, ‘ABI chief blames contracting- out problems on IFAs’, draws on comments made by ABI chairman Keith Satchell at the Treasury Select Committee, in his capacity as a member of the Retail Financial Services Group.

Unfortunately, your reporter muddled two separate stories. Mr Satchell’s remarks were made in response to questions from Jim Cousins, MP, about the position on contracting-out now and in the future, and in the context of how continual changes to the contracting-out regime have made it difficult for anyone to decide what the best course of action should be.

He was not asked about the ABO reaction to your previous speculation about contracting-out in past years, or the FSA’s current research work.

Contracting-out has been a complex issue for consumers and advisers for many years. That was the point Mr Satchell was making at the Select Committee. As your readers will know, the ABI has worked with Aifa to produce leaflets for consumers and advisers. The FSA is now producing a similar consumer leaflet. It is only to state the obvious when Mr Satchell said that financial advisers have a major role in helping their individual clients.

Alan Leaman

Director of Communications, ABI


Abbey issues first commercial property bond

Abbey has launched a capital guaranteed commercial property bond and three further capital guaranteed deposit accounts. The four bonds offer guaranteed full return of capital at maturity and Abbey says the commercial property-linked bond is the first of its kind to be launched in the UK. The other three bonds available are a residential property […]

Buxton backing small cap to top Skandia best ideas fund

Schroder UK fund manager Richard Buxton says he is unlikely to be the top-performing manager of the 10 chosen to contribute to the Skandia UK best ideas fund. Buxton, who runs Schroder alpha plus, picked nine large cap and one mid-cap stock for the Skandia portfolio but is backing a small cap manager to be […]

Threesixty warns over ‘Catch 22’ of fund manager e-commerce

threesixty is warning IFAs they might be caught in a catch 22 over the e-commerce capabilities of fund managers.The support service provider says the industry is at risk of a ‘Catch 22’ situation, where IFAs are unable to transact electronically because fund management companies have not developed their proposition sufficiently. Conversely, fund management companies do […]

Make the transition

Creating a transitional serial interest by exercising a power of appointment should be carefully reviewed by most trustees

Creating opportunity out of change

By Denise Wond, marketing manager The buy-to-let market has recently been the subject of a raft of tax changes, all of which make it a less profitable and less appealing proposition for investors. In response, we’ve seen a dip in demand for BTL mortgages and that’s bad news for many advisers who will now be looking […]


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