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The whole truth starts to emerge

The sharpest divide has always been assumed to be between independents and multi-ties.

Whole of market has been, in many respects, the overlooked category but it may be the category many IFAs end up in.

Does this have implications for the market? Well first many advisers will have to lose the “independent” tag. Some may not have made this alteration yet or may be half-heartedly offering an expensive fee route for clients, though we are sure this must be a minority. But trade bodies warn that, at some stage, the FSA will inevitably test whether individual IFAs’ definition of what constitutes independence matches their own.

It is also a pity that more businesses do not decide to embrace offering a fee which will help proof their businesses against the vagaries of commission. This newspaper has always defended the commission system but it does seem to make sense to have some fee income too and would urge readers at least to consider it.

Finally, from a psychological point of view, it may be easier to make the transition from IFA to whole of market and then to multi-tie. Advisers who are whole of market may believe they have changed very little but the landscape around them may be changing in spite of them.


’26th state’ could be a haven for IFAs

The European Commission could exempt IFAs from EU single-market regulation by the creation of a “26th EU state” for firms wanting to trade across borders. The proposal, which is outlined in an EC Green Paper on Financial Services Policy, is designed to offer a lifeline to firms which are keen to escape costly EU single-market […]

Leeds & Holbeck launches 5-year fixed rate mortgage

Leeds & Holbeck building society is launching a new five-year fixed rate shared ownership mortgage at 5.79 per cent.The offer will be available until November 1, 2010 and allows customers to borrow up to 100 per cent of their property share without a higher lending charge. The loan has an LTV of up to 75 […]

House price inflation at nine-year low

House prices rose by 0.2 per cent in July, reversing the previous month’s fall, but annual house price inflation is at its lowest for nine years, says the Nationwide house price report. Nationwide says annual house price inflation fell to 2.6 per cent in July, its lowest rate since May 1996. This compares with 4.1 […]

Poll says buy-to-let landlords are investors, not speculators

Most landlords are investors and not speculators and are growing their portfolios at a rate of one property a year according to research from Mortgage Trust. The survey of 350 independent residential landlords shows that in May 2005 landlords held an average of 7.5 properties in their portfolios, up from 7.1 in January and anticipate […]


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