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We challenge the FSA to reveal recommendation

Money Marketing&#39s Poles Apart campaign is demanding that the FSA goes public with its recommendation to the Treasury on polarisation, amid fears it will refuse to do so.

The regulator has not decided whether to confirm it will go public, provoking a furious reaction from IFA leaders.

The row comes as Treasury economic secretary Melanie Johnson has welcomed Money Marketing&#39s Poles Apart campaign but has not provided any answers to the10 questions we have posed.

IFAs fear the uncertainty is already provoking a scramble for distribution, raising fears of a repeat of the turmoilthat accompanied the crea-tion of the tied/IFA divide in the 1980s.

IFAs say Allied Dunbar has stepped up approaches to them in the last three months in a bid to sign them up as franchisees, a group whichis widely expected to ben-efit from multi-ties or multi-product ties.

IFAs approached include London-based Michael Philips and Carrington Investment Consultants and Norwich-based Hulbert Financial Services.

DBS confirms that manyof its members have alsobeen approached.

Aifa director general Paul Smee says: “I think it would set an extremely bad precedent if the FSA does notgo public.”

Michael Philips partner Michael Both says: “The Dunbar rep implied that multi-ties were inevitable.”

DBS chief executiveTony Kempster says: “Allied Dunbar have been very active for the last three months offering five and six figure sumsto my members.”

Allied Dunbar spokeswoman Sandra Paul says: “We view the franchisee network as a competitor to IFA networks so we are in the business of recruiting top IFAs.”

l 10 questions, p108


New economy drive

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Mortgage 2000 business loan service on web

Mortgage 2000 has set up an online commercial mortgage auction service for IFAs.The company&#39s website,, is offering the new business-to-business service which compares the deals offered to IFAs from 13 commer-cial lenders.The system identifies the best commercial mortgage available for a client, demonstrating how remortgaging can save commercial borrowers money. It encourages clients to […]

IPAs face regulatory setback

The IPA risks falling into a “regulatory vacuum” unless there is a quick overhaul of current regulations.The potential blow comes in the wake of Autif&#39s response to the Government&#39s consultation paper on the new pension wrapper, which is designed to dovetail into stakeholder.Autif is concerned that if an IPA manager needs to be a separate […]

Thousands of IFAs set for rush to sit mortgage exams

IFAs could be forced to sit mortgage exams in their thousands in the next two years following the latest training and competence announcement from the Mortgage Code Compliance Board.The new T&C requirements demand that all advisers hold the Certificate in Mortgage Advice and Prac-tice or the Mortgage Advice qualification.The requirements could mean training bodies hav-ing […]


What employers should expect over the next five years

A major feature of our articles is looking into the Jelf Employee Benefits crystal ball to predict changes and trends that may influence the short and medium term shape of UK employee benefits.  By flagging such changes early we aim to provide our followers with the tools to make sensible and informed decisions on their benefits offerings.


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