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Year to Year: 1986

The year began with Prudential announcing plans to enter the estate agency business with the launch of Prudential Property Services and a nationwide chain of estate agents. Little did it know that a few years later it would sell them all at a massive loss.

DBS chairman Ken Davy urged IFAs to write to their MPs expressing concern about the flood of regulation that would force many small IFA firms to close. Money Marketing backed his call and began a long campaign for a single trade body to represent all IFAs.

In the House of Commons, Trade and Industry Secretary Leon Brittain told MPs the Financial Services Bill would be backed by the sanctions of criminal law.

The central mortgage lenders arrived with a bang in late February and National Home Loans chief executive Richard Lacy warned: “Mortgages will never again be a building society preserve. They will be a product like any other: priced and packaged to make them attractive and offered for sale in a free market.”

In mid-March, Hertfordshire IFA Alan Burchell revealed plans for a press advertising campaign, funded by IFAs around the country, which would refer customers to their nearest participating IFA His plans came to nothing but this idea gave way to IFA Promotion a few years later.

Chancellor Nigel Lawson used his third Budget to flesh out the Government’s commitment to popular capitalism with the introduction of Personal Equity Plans and the replacement of capital transfer tax with inheritance tax.

Ken Davy continued his campaign on the behalf of small IFAs with the launch of a broker trade body, the Association of Authorised Independent Investment Advisers.

In April, UK Provident revealed it had insufficient assets to match its bonus commitments. The DTI and Friends Provident came to its rescue with a forced “merger” between the two offices.

In May, SIB published its proposals for intermediaries care of clients’ money, and SDP leader David Owen call for full disclosure of IFAs’ commission. Meanwhile, the ABI started to get to grips with Aids, an issue which was met at first with ill-informed hysteria in the industry.

Fimbra made its debut at the end of May, when Nasdim – The National Association of Security Dealers and Investment Managers – found that its preferred new name of Ibro – the Investment Brokers Regulatory Organisation – was already taken.

Sun Life of Canada became the latest firm to offer its own range of unit trusts through the com¬pany’s direct sales force. And as details of UKP’s collapse emerged, it was revealed that unquoted securities valued at £163m had fallen to £97m. By the end of June, building societies were getting ready to receive wider powers due in 1987. July also saw the demise of Rolac and an L&G survey about the proposed Serp changes concluded that seven million people might opt out.

In September, building societies and banks launched a flood of special offers to win back funds from savers who had been disappointed by the TSB floatation. Dissatisfaction with Fimbra led some societies aiming for independent status to say they would go directly to SIB for authorisation. In November, financial advisers welcomed the launch of The Independent.

In December, the Scottish Independent Intermediaries Association made its first appearance.


Amex adds five fund groups to wrap service

American Express has added five fund groups to its wrap service following recommendations from IFA clients. Bedlam Asset Management. Old Mutual Fund Managers, Prudential Unit Trusts, T. Bailey Asset Management and Skandia Investment Management are now available on the platform. There is now access to over 4,000 funds from over 270 asset managers and the […]

Talkin Points

This month has been dominated by the dreadful happenings in London and the announcement of the 2012 Olympics venue.

IFAs opt to spread regulatory costs

Around 1,750 small firms have signed up to pay their fees by instalments, according to new figures from the FSA. The fee paying instalment plan was introduced earlier this year to allow IFAs to spread the costs of their FSA, FSCS and FOS fees, after IFAs were hit with a major hike in FSCS fees […]

Neptune video: Indian valuations and Modi’s pro-investment agenda

Kunal Desai, Head of Indian Equities, discusses his expectations for the Indian market and highlights the key indicators that he is watching for 2015.

In the video, Kunal addresses:

• Indian equity valuations and the importance of stock selection in gaining exposure to the earnings upgrade cycle

• The BJP’s strengthening ambition in its pro-reform, pro-investment agenda


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