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.
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There is no chance the FCA will let the issue rest but any policy decisions need to be informed by facts, not rhetoric
Robo-adviser Scalable Capital has moved into offering full financial advice. The Europe-wide firm will charge a fixed £200 fee if an investor decides to progress beyond an initial free session. According to Scalable Capital’s website the advice session can either take place over the phone or in person, and investors will get a full suitability […]
Typical transfer values for defined benefit scheme members remained high during 2017, ending the year at £236,000, according to Xafinity’s latest date. This was little changed from the end of 2016 when the figure was £234,000 the Xafinity Transfer Value Index shows. However there was some volatility over the year as the difference between the […]