It should be understood that claims against an IFA are claims about bad advice, not bad products.If a product is faulty, the manufacturer coughs up. This applies throughout all industries. If a product recommended by an IFA later proves to be unsuitable for the client, then surely it is the advice of the representative of the IFA that is being called into question? How can the manufacturer be held liable if a product is incorrectly used? That is not to say that the protection of Financial Services Compensation Scheme should be free to the client. After all, it is not unreasonable that those who enjoy the protection of a insurance policy should pay the premiums. Clients who use an IFA need protection against the consequences of flawed advice. Therefore, they should be expected to pay the premium. The fairest and most equitable way is to include the levy in the IFA’s charges. Mike Stafford Partner, Stafford & Co, Hertford, Herts
Martin Currie has introduced a long-only global resources fund that will be run along similar lines to the long-only side of its long and short global resources fund.
The Department for Work and Pensions is pressurising the FSA to retain the RU64 rules ahead of this week’s White Paper which will set up the national pension savings scheme. The FSA was expected to abolish RU64, brought in to accompany stakeholder pensions, at a board meeting this week. In a letter to Work and […]
It looks as if we could still be in for years more of argument over pensions
French bank Credit Agricole has confirmed it is considering a takeover bid for Alliance & Leicester. The move has been welcomed by brokers, who believe A&L needs investment so it can challenge HBOS at the top of the mortgage market. CA says it is at the early stages of evaluating a possible takeover. Abbey owner […]
Jelf Employee Benefits has released a guide to help employers communicate the recent raft of pension legislation to staff. ‘Your Guide to Pension Freedom’ will help employers meet their duty of care in explaining the changes to employees and in turn will help employees take more control over their pensions and retirement decisions.
- Top trends
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
A High Court judge says the FCA can submit evidence in a case that could shape how Sipp misselling claims are handled in the future. In the case, which started today, lorry driver Russell Adams alleges Carey Pensions missold him a self-invested personal pension. Carey Pensions is accused of using unregulated introducers to invest Adams’s […]
Studies have found funds can be too big or too small to outperform, suggesting size does matter The assessment of whether to invest in a certain fund is a tricky business. Bearing in mind roughly 90 per cent of active funds do not beat their benchmarks over periods longer than 10 years, the odds are […]
The following sorry verse embodies procrastination on a whole new level: “Hello there, my name’s Phil; I rap like a small bear writing a will [diligently]; Estate-planning, ninja-whooping IHT; Shame I’m not as bizzie [urban affectation] with the RLP.” These words were penned in response to my father’s short verse sent to me, after the […]