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When it comes to the crunch…

In response to Malcolm Murray’s letter (Money Marketing, August 2), I must call his assumptions into question.

Given the importance of the retail distribution review, the last thing we need is statistics which are unsubstantiated and then become definitive due to a lack of challenge.

Malcolm stated that the loss of offset was not as bad as David Elms and I had indicated. What his numbercrunching ignored was that despite many IFAs receiving fees for money under management, this is not 100 per cent of their turnover and in most cases I doubt if it is more than 30 to 50 per cent.

So the loss of offset is a problem but aren’t we all pushing in the wrong direction? If all advice fees were tax-relievable, as in the US, then many of these problems would disappear. Perhaps that is what we should be lobbying for – the equal playing field between commission and fees.

As the consultation proceeds, we must research far more detailed statistics on IFA firms and not rely on guesswork by either Murray, Elms or Reid.

Robert Reid
Syndaxi Financial Planning


In the out door

It was interesting to note the varied response by lenders in answer to the FSA’s requirement for them to have reviewed the fairness of their exit fees by July 31.Cheltenham & Gloucester led the way in abandoning this much criticised practice and was soon followed by lenders such as Northern Rock, Standard Life and the […]

Mortgage Business Expo outlines improvements

Mortgage Business Expo has outlined its priority action points to be completed ahead of its London exhibition, following the first meeting of its advisory panel. The panel, made up of exhibitors, delegates and key industry figures met in London on July 26, providing feedback and recommendations to the Expo team.The list of key action points […]

Redwood’s group to propose flexible lifetime savings vehicle

John Redwood’s Economic Competitiveness report will include proposals for a flexible lifetime savings account where funds can be accessed to buy a first home or pay for education. A similar long-term savings vehicle was proposed by the Tories before the 2005 election and has been championed in the past by former Shadow Work and Pensions […]

Student union

It has recently been announced that the UK is enjoying the lowest level of unemployment for many years. The figure still exceeds 1.2 million and there are some of us around who can remember when a figure of one million caused a political storm. Perhaps today we must accept such figures and celebrate the fact that they are no higher.


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