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Three-quarters of firms see no benefits to depolarisation

Three-quarters of IFAs see nothing to welcome in the FSA&#39s proposed changes to polarisation, according to the report by George Street Research.

Respondents were asked to state what are the most welcome aspects of the changes and 154 out of 204 companies said they could not see any positive aspects in the proposals.

The prospect of moving to a fee basis was the most worrying aspect of the changes for 17 per cent of IFAs.

Other major IFA concerns are being forced to move away from commission, blurring the distinction between tied and independent advisers, customer confusion and the prospect of multi-ties.

Only nine respondents believe that the move away from commission towards a defined-payment system is a positive step.

Only seven firms bel-ieve the proposals will lead to more independent adv-ice being available.

IFA firms across the board, regardless of type, speciality or location, say there is nothing positive in the proposals.

This includes 84 per cent of IFAs who specialise in mortgages, 85 per cent of protection IFAs, 74 per cent of pension IFAs and 73 per cent of independents who focus on investments.

Clancy&#39s Financial and Business Advisers partner Jim Clancy says: “It does not surprise me that there are these types of results.

“The more I look into CP121, it is definitely in favour of the banks and building societies.”


Retail investors &#39nervous&#39 over market stability

Investors remain cautious about the prospects for investing in the stockmarket and only a minority are optimistic that the present market conditions will improve.A report, Investing During Uncertain times, researched on behalf of UK financial institutions by financial services consulting group NMG, shows retail investors are losing confidence rather than gaining belief in the markets, […]

Fidelity adds Widows and Barclays Global to FundsNetwork

Fidelity&#39s FundsNetwork is expanding its range with 29 funds from Scottish Widows and Barclays Global Investors.The total funds on offer is 594, which FundsNet-work says makes it the biggest investment superstore in the UK for intermediaries. Widows is one of the last big groups to join the supermarket and brings 18 unit trusts. Five are […]

Pink Home Loans three-year buy-to-let fixed

Pink Home Loans three-year buy-to-let fixed Type: Three-year buy-to-let fixedFixed term: Until January 1 2005Tracker rate: Bank base rate plus 1.98%Payable rate: 5.47%Minimum loan: £25,001Maximum loan: £500,000Income multiples: Rent to exceed 125% of the mortgage payment Arrangement fee: 1%Redemption fee: 5% of amount repaid for three yearsConditions: Funded through VersoIntroducer’s fee: 0.25% commission Contact:

Free compliance package from MI

National mortgage club Mortgage Intelligence is offering a free compliance package for members to help them meet changing regulatory requirements.The service, available on CD-Rom, is being positioned as a do-it-yourself service as brokers will still be required to have their own Mortgage Code Compliance Board authori-sation and be responsible for compliance.It is free for the […]


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