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Towry Law says RDR proposals not enough

Towry Law says it is ‘unhappy’ with the RDR proposals to expand the definition of what can be called a fee and says the new arrangements may not go far enough to “clean up” the current system.

The FSA’s proposals on fees say the definition of a fee should include an advice charge agreed with a customer.

Certified financial planner Patrick Connolly says: “These proposals don’t go far enough. We need to clean up the current system and move toward the abolition of all commission payments. This seems to be a stepping stone
in that direction.”

He adds: “There is a perception among some people that financial advice should be free. But people at lower income levels don’t need access to financial advice as much as they need to concentrate on debt reduction. What we need is a system whereby those getting financial advice are getting
appropriate, quality advice.”

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Slow admin hits loan life cover sales

The number of life insurance policies sold alongside a mortgage dropped by nearly 10 per cent in 2006 according to Swiss Re.In its annual Term and Health Watch report Swiss Re says mortgage intermediaries are frustrated by the slow processing of life assurance applications so are becoming increasingly reluctant to discuss life cover with clients.Technical […]

SimplyBiz extends Capital Reward scheme

Following SimplyBiz’ double launch of Capital Reward and Capital Reward Plus, intending to give away 70 per cent of the shares to IFAs, the firm has entended the offer. SimplyBiz is extending its gift of shares to new firms that join the service provider prior to the alocation date. Chairman Ken Davy says: The shares […]

UBS carves out 130/30 territory

UBS has launched the UBS US equity 130/30 fund, an Oeic aiming for growth and income by investing in US companies using long and short techniques.

Freedom Lending to become Wave

Freedom Lending has finally revealed its new brand name as Wave.The new brand name follows its acquisition by investment bank Merrill Lynch from Freedom Finance last year. The specialist lender will replace its old name and logo immediately. Wave director of marketing Mel Dring says: “When we started searching for a new brand name, we […]


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