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Think before you sign on dotted line

Some sterling advice for IFAs has come from the FSA. The regulator has expressed concerns about advisers rushing into joining networks.

Always glad to endorse the FSA when it gets it right, Money Marketing could not agree more. In fact, we will take it further and warn advisers to be very careful what they join, whether they are a support services outfit, a network, a franchise or for that matter a big bank. Where the contract involves anything more than what you are paid, holiday entitlement and free gym membership, can we suggest that you get a lawyer to check the terms.

This is not damning networks or other organisations, some of which must become successful distribution businesses in future and offer valuable services to members and employees. But it is a warning to advisers to be sure they know what they are joining.

We expect most advisers to have heeded this advice already and some may even think that Money Marketing risks patronising its readers but we come across too many advisers who seem to be ruing the day they joined this or that organisation. So for those who may not be so wise or have not yet learned the hard way, we add our voice to the FSA&#39s and say be careful what you sign.


Boulger slams Skipton on introduction charge

Charcol senior technical manager Ray Boulger Skipton Building Society&#39s interest rate increase for introduced business is unacceptable.Boulger has criticised Skipton for placing a 0.25 per cent surcharge for introduced business on its new base rate tracker mortgage.The mortgage charges borrowers who approach it directly bank base rate plus 0.24 per cent for four years. Introduced […]

Trade deficit narrows in July – Gerrard

The global trade deficit in goods narrowed in July. It now stands at 4.3 per cent GDP. The improvement was aided by a dramatic drop in the shortfall in non-EU trade which fell to its lowest level since May 2002 and exports to the US climbed by £400m according to Gerrard&#39s latest figures.

Savers losing millions each year – BestInvest

Investors are wasting over £75m a year through initial charges from fund houses, new research from Bestinvest shows. It says investors whose IFAs maximise commission rebates could be saving a small fortune each year. Usually, fund initial charges comprise of commission paid to brokers, and an additional margin representing revenue for the fund manager. Brokers […]

Leeds & Holbeck – Fixed rate tracker

Type: Fixed rate tracker mortgage Fixed term: Until January 1, 2005 Fixed rate: 3.49% Tracker term: Until January 1, 2007 Tracker rate: Bank of England base rate plus 0.49% Minimum loan: £25,000 Maximum loan: Up to 95 per cent of valuation subject to a maximum of £200,000, remortgages up to 90 per cent of valuation […]

Life cover for life

When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that waybecause before the arrival of RDR in 2013, that’s more or less exactly what they were. For advisers thinking […]


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