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FSA chooses from AIFA menu

The FSA&#39s decision to drop its defined payment system should help “more than three quarters” of IFAs to remain independent, the Association of Independent Financial Advisers says.

The FSA announced it is dropping the proposals outlined in CP121 for AIFA&#39s “menu” approach to fee disclosure last week. It gives IFA clients the option of paying by fee, or paying the broker by commission. IFAs will have to disclose the commission alongside average market rates.

Paul Smee, director-general of AIFA, told Mortgage Strategy: “This result is good for consumers and good for independent advice. Dropping defined payments will allow people to stay independent rather than having to change their business status. In the light of this decision, people can now take a decision on their status based on their business needs rather than regulatory needs.”

The regulator also announced a temporary rule change on professional indemnity insurance requirements last week. The FSA says: “This action has been taken following concerns expressed by some IFAs that they were finding it increasingly difficult to obtain complaint cover.”


APS offers proc fee rise across entire Amber range

APS Europe mortgage club has increased the procuration fees it pays to introducers who submit business to Amber Home Loans. Intermediaries will now receive 0.35% for completed buy-to-let cases with Amber, which offers a LIBOR linked product (LIBOR plus 1%) with a current pay rate of 5%. There&#39s a £195 arrangement fee and there is […]

There&#39s still a way to respond to the FSA

The November 11 deadline for responding to CP146 is fast approaching. You have just seven days left to take stock of this mammoth document and reply to the 35 questions that the FSA want answered.Last year, just 0.15% of mortgage brokers responded to CP98. That document attracted just 19 responses from from a possible 12,500 […]

ABI launches initiative to help boost retirement savings

The Association of British Insurers yesterday launched its Budget for Savers initiative, just weeks before the government publishes its pensions Green Paper. Budget for Savers sets out a series of practical and affordable proposals to help UK workers save more for retirement through the workplace. The ABI initiative comes as new, independent research by IFF […]

LifeQuote launches web-based menu protection platform

LifeQuote Ltd and Scottish Amicable have joined forces to add an internet-based full menu protection product into LifeQuote&#39s comparative quotes engine. The portal now offers quotations for life and critical illness cover, unemployment cover and mortgage payment benefit. Christian Woodford, intermediary sales manager for Scottish Amicable, says: “We chose to work with LifeQuote because of […]


Neptune video: UK economy: a sustainable recovery?

After years of a slowly brewing economic recovery, the UK has seen a strong rise in growth in recent months. Mark Martin, manager of the Neptune UK Mid Cap Fund, discusses the strength of this recovery and whether it is sustainable.

In the video, Martin addresses the following:

• Structural features supporting the UK economy
• UK mid-caps and the potential for M&A activity
• Valuations and opportunities in house builders


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