View more on these topics

We won’t be joining Aifa, says St James’s Place chief

St James’s Place says it has no plans to join Aifa following the trade body’s decision to open up its membership to restricted advisers.

Aifa said last week it will broaden its membership to restricted advisers, although single-tied advisers will not be allowed to join.

Speaking to Money Marketing last week, SJP chief executive David Bellamy said: “We are not members of Aifa and we have no plans to become members of Aifa. But I think what it is doing is very sensible and consistent with the fact that there is currently a community of IFAs and a number of those will become restricted advisers under the new definitions.”

Bellamy believes the recent recommendations made by the Treasury select committee in its RDR report, including a year’s delay for implementation seem sensible. He said: “It has always struck us that if the cliff-edge date could somehow be avoided with some sort of phased introduction of the RDR, that would be sensible and pragmatic.”

Currently, 60 per cent of SJP’s 1,601 advisers are diploma-qualified and Bellamy says another 25 per cent are close to achieving diploma status.

SJP has reported a 52 per cent increase in profits for the first half of 2011, from £36.3m to £55.3m. However, the distribution arm of the business failed to make a profit, compared with a £5.9m profit in the first half of 2010, as SJP’s investment arm slashed the commission it pays its advisers.

Bellamy says the fall is due to the firm moving towards an equalisation in the remuneration paid to advisers, regardless of the wrapper chosen. He says by the end of the year, all wrapper commission will be 3 per cent, compared with the 3.6 per cent currently paid on offshore bonds.

The company, which is 60 per cent owned by Lloyds Banking Group, saw an 8 per cent increase in funds under management for the first half of this year from £22.4bn to £29.1bn.


Multi-managers target Asia

Multi-managers Architas and OPM Fund Management are looking to Asia for growth on the back of the poor economic outlook for the developed world. Architas runs six multimanager funds, including the £39.1m reserve fund, £86.3m multi-manager cautious income fund, £68.2m multi-manager income fund, £112.8m multi-manager balanced fund, £39.9m multi-manager dynamic fund and £71.7m multi-manager growth […]

Sepe quits Friends Life

Friends Life managing director of international Rocco Sepe is leaving the firm. Sepe has led Friends Life’s international business for six years, which includes Friends Provident International, fpb AG and Lombard. He has established operations in Singapore, the United Arab Emirates and Germany and entered into a joint venture in Malaysia with AM Life, which […]


Aviva to push Mark Hoban for Omo reforms

Aviva is preparing to ramp-up the pressure on Government to make shopping around for an annuity the default option for savers. In its ‘Rethinking Retirement’ report, published in June, the provider urged policymakers to implement a series of reforms designed to increase the number of people who shop around for an annuity at retirement. However, […]

Tax year-end planning for annual allowance

Last tax year-end there was a lot to think about in relation to planning. The introduction of the tapered annual allowance and the implications of moving to a fixed pension input period, the reduction in the lifetime allowance and potentially applying for protection, and the concern about changes to tax relief, to name a few. […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. I should think not. It would be wholly inappropriate for AIFA even to countenance the idea of admitting a tied agency such as SJP to join its ranks. Investments? SJP funds, sir. Pensions? SJP funds, sir. I just don’t understand how the FSA allows SJP to trade under two banners, given that it claims to be committed to clarity for consumers as to just what type of adviser they’re dealing with.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm