View more on these topics

FSA plans to look at evolution of retail distribution

The Financial Services Authority has revealed plans to look further, in collaboration with the industry, at how the models of retail distribution in the UK may evolve, primarily focused on the financial advice sector.

The regulator says it wants to understand better how its requirements can act as barriers or facilitators to the emergence of a market which is economically sustainable, attracts scarce capital and talent and is able to meet the changing needs of consumers from across the socio-economic spectrum.

Its provisional aim is to publish the findings and conclusions of the work in the second quarter of next year.

John Tiner, chief executive of the FSA, says: “The FSA continues to believe that there is a crucial role for advice in the UK, especially as individuals are having to take more responsibility for financial planning.

“We believe that there are serious challenges to be faced in the retail intermediaries sector, from growing economic and market pressures as well as from complying with regulatory standards.

Together, these may or may not affect sustainability or drive changes to market structure.

“We believe that this review will need to include participation by the Trade Associations, representing product providers, distributors and advisers where we recognise that there is already work of this nature underway and, of course, their members.

I want us to try and reach a collective understanding of what the drivers of structural change might be and how they might reshape the market: for example, drivers such as regulation, customer needs, remuneration models, capital constraints, IFA demographics.

We need to understand the consequences of new or emerging market structures for consumers, firms and the FSA and to understand the steps the industry and/or the regulator should be taking to secure a market place which is economically sustainable, attracts scarce capital and talent and which is able to meet the changing needs of consumers from the socio-economic spectrum.”


Future to waive completion fees

Future Mortgages, the mortgage business of CitiFinancial in the UK, is waiving completion fees on all core products.The offer will save customers up to 650 on a discounted mortgage and up to 850 on fixed rates, and is open until September 1.The offer follows the launch of buy-to-let and 100% fixed rate mortgage product ranges […]

Stroud & Swindon withdraws fixed product

The Stroud & Swindon is withdrawing its 3.99% fixed until August 31 2007 mortgage with immediate effect. All other products remain unchanged.

Cheval bought by owner of Domino’s Pizza UK

Bridging finance lender Cheval has been bought by investment partnership Credit Investments, one half of which is the UK owner of Domino’s Pizza. Credit Investments is owned Colin Halpern and Ellis Sher. Halpern is an experienced entrepreneur who bought in 1993, with his brother Gerry, the UK and Ireland franchise for Domino Pizza. Together the […]

A&L results reveal dip in unsecured loans

The latest annual results from Alliance & Leicester have revealed a drop in unsecured loans.Unsecured personal loan gross advances were 565m in the first quarter of 2006 compared to 890m in the same period last year. However, the bank says unsecured loan balances remained stable compared to the end of 2005 at 3.5bn. Sales of […]


Pension over-taxing

800,000 people are at risk of being over-taxed on their pensions, writes Steve Webb, director of policy at Royal London Hundreds of thousands of people receiving company and personal pensions should check their tax code to make sure that they are not being over-taxed, according to a leading pensions firm. Mutual insurer Royal London has […]


News and expert analysis straight to your inbox

Sign up