Industry news and views from Panacea and our partners.
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Time to stop digging?
With the release of The Treasury Select Committee's report on the Retail Distribution Review on last Saturday (16 July), those who thought that some members of the TSC had been nobbled by either the FSA or the Treasury can be assured that this is not the case. This is a good day for common sense, the democratic process and the courage of those MPs and IFAs who have devoted much time and effort to see a better outcome for the RDR process.
Watching me, watching you!
I was reflecting on the weekend demise of the News of the World following the great phone tap debacle and must admit to some concerns. I am minded of the quote from the former US President Ronald Reagan, who I met in very strange circumstances a good few years ago. He said in a speech Government exists to protect us from each other. Where government has gone beyond its limits is in deciding to protect us from ourselves.
You couldnt make it up, or could you?
PanaceaIFA.Com finds itself in the strange situation of agreeing with the FOS and its Chief Ombudsman Natalie Ceeney regarding claims management firms.
Registered Life Planner - Listening is at the heart of her learning
Tracey Evans the Associate Partner at Ashley Law Crawley Independent Financial Advisers explains why she embarked on an 18 month period of intensive study, learning and self reflection to become a Registered Life Planner.
Too late mate, you're time barred.
The battle to get the fairness for IFAs, especially within the regulatory complaints process continues as does the seemingly endless examples of do what I say not what I do with the regulator.
Candygram for Mongo!
Cleavon Little played the new sheriff Bart in the 1974 classic Blazing Saddles. To get an important message to 'Mongo' who was terrorising the townsfolk of Rock Ridge, he assumed the persona of a bellhop delivering an important message to Mongo that would result in his capture.
The circle game? FSA tells consumers advice under RDR won't cost more.
The way consumers receive investment advice from financial advisers is changing say's the FSA in a newly released information page on their website. It says they "have been working with firms, advisers, consumer groups and industry experts to improve how investment products and services are recommended to potential investors". In what proportion one cannot know.
Death Date Due?
Ways both physical and cyber now exist to determine when the lights will go out on your world. This is, for some, a cross between visiting a Clairvoyant and your doctor to see what the future holds based upon your age, health, lifestyle and more.
Yesterdays news, tomorrows U turn?
So RDR is a little over 19 months away. There is growing concern about what consumer reaction will be to what has been done in their name by the FSA. There are only so many high net worth clients out there, what will happen to the mass market advice model, what will happen to the "orphan clients", will we see the return of the "Man from the Pru" and provider sales forces?
FOS contractors paid on cases closed?
This week MM reported that FOS figures just released show that IFAs made up 1.5 per cent of 206,121 cases in 2010/11, around 3092 cases, compared to 2 per cent of 163,012 cases the previous year, around 3260.The FOS says IFA complaints were skewed upwards for 2010/11 due to a large number of complaints against one particular firm- Towry. A spokesman said Towry had worked hard to resolve the issue according to FT Adviser.
BlackRock are the latest firm to support PanaceaIFA.com
We are very pleased to announce that BlackRock is the latest firm to support PanaceaIFA.com.
FSA - A little bit of history repeating itself?
For those who have a keen interest in history, and not Shirley Bassey, it will be a given that not much happens that is new in this world and that many of todays events relating to wars, politics, crime, violence, economic crashes, scams and oppression are often cases of history simply repeating itself with nobody learning anything, no matter how dire the act or situation is.
Sounds Good "Innit"?
The 2011 Scrabble dictionary has been published this week and it contains some 3000 new words including "Innit", "Nang" and "Punaany". Acronyms and techno-speak seem to dominate the society we live in. There is not a day goes by without some strange use-age of words and letters popping up in less than contextual circumstances.
FOS failures- Fact or Fiction?
It may be that the IFA perception of what the FOS should do and how it goes about it is wrong, or it may be that the FOS has lost whatever direction and good intentions it had.
Its all gone Pete Tong at the FOS
The FOS is a strange being, it is there quite rightly to act as an arbitration service to resolve disputes where consumers are unhappy with the investigation outcome delivered by a firm in response to a complaint they have made.
Have your say on the FOS
When it comes to listing some of the most contentious areas of regulatory impact there is little doubt that the FOS comes pretty near the top of the list for most IFAs and a surprising number of providers too.
"Youve got to pick a pocket or two"
Bad news for the bad boys and rightly so. FT Adviser reports that Simon Orton, partner for the law firm Freshfields Bruckhaus Deringer, has raised fresh concerns that fines imposed by the FSA could triple to around £300m
Alternative Assessment innovation will ensure IFAs do not get left behind.
PanaceaIFA understands that the CII have announced an updated list of alternative assessment, QCF approved, qualifications. New to this list from 1st April is the alternative assessment Diploma In Regulated Financial Planning level 4 for left handed IFAs.
Questions for Stephen Gay, Director General of AIFA
Following last weeks article highlighting Doug Johnstons concerns surrounding AIFA, Stephen Gay, the Director General of AIFA has kindly agreed to do a written interview exclusively for PanaceaIFA.Com.
Alarm goes off in the Kipper Smokehouse.
Following on from Tuesdays IFAs done up like a Kipper bulletin, Stephen Gay at AIFA has made contact and asked that we make our PanaceaIFA members aware of his view of the situation. We are of course very happy to do so.
IFAs- done up like a Kipper
Not a day passes without concerns being expressed in the trade press about whether AIFA is doing what it says on the can all for the broader church of IFAs it represents in the lead up to RDR.
The RDR Question Time event
The RDR Question Time event went very well on Monday, a great turnout and with many RDR related issues discussed. All the guest panellists were impressed with the passion and spirit of the IFA community in the face of the uphill battle they fight.
Why are you in business?
In the first of a series of special videos for PanaceaIFA, John Joe McGinley the Business Consultancy Manager at Aegon asks advisers to identify their business "happy meal" as they prepare for RDR.
What do IFAs really see as the challenge to their business model with RDR?
Hi David. I work with IFAs as clients, and what I have seen or discussed as the challenge is that RDR is yet another "change" amongst many this year that IFAs have to get to get to grips with.
K.I.S.S, RDR and the Profession thing.
This acronym was coined by Kelly Johnson, lead engineer at the famous Lockhead Skunk Works. Whilst today it translates as 'Keep it simple stupid', the principle is best illustrated by the story of Johnson handing a team of design engineers a handful of tools, with the challenge that the jet aircraft they were designing must be repairable by an average mechanic in the field under combat conditions with only these tools.
We want your questions- NOW
We have assembled a great panel for March 7th- Graeme Abell M&Gs Director of Nationals and Networks, David Ferguson CEO of Nucleus, Garry Heath former director general of the IFA Association, Gareth Fatchett of Regulatory Legal and Sarah Thwaites deputy CEO of the FSSC. They should be able to cover a very broad spectrum of subjects from post RDR distribution, business models, transition, trade body representation, regulatory matters and qualifications.
RDR Question Time with Mark Garnier MP and special guests.
A date for the diary - 7th March 2011, from 09.30am to 1.00pm in London.
Meet the MPs RDR morning videos
For those that attended the event in December, and for those that could not due to the bad weather, please find the overview plus presentations from Alan Lakey and Peter Hamilton on M&Gs iView player.
Please, Sister Morphine, turn my nightmares into dreams
Firms in the FSCS's investment intermediation sub-class are likely to have to pay an interim levy of £93m in just 30 days, to cover the cost of claims against investment firms including Keydata say IFA online.
If you get it wrong get it right next time
I think now is a very good time for a pause to take stock of where we really are, what the messages out there from the industry, government, consumers and FSA actually mean and most importantly is there a desire for a reasoned debate to make sure that with the RDR and CPMA we do Get it right next time!
PanaceaIFA shortlisted for IFA Online Awards for Best Support Services
The shortlists have now been unveiled for the investment, adviser servicing and retirement planning categories for the Professional Adviser Awards 2011
Meet the MPs RDR morning- 10 things to know and do.
I had not intended to issue another bulletin until the New Year but the Meet the MPs event was such a great success with so many very interesting points coming out of it that I felt a bulletin was warranted highlighting some of the key points
Work of the FSA & treasury feedback 2007-08
& the request by the TSC in November 2010 for the views from interested parties on whether the RDR will achieve the stated outcomes and whether the outcomes could be achieved in other, potentially better, ways.
Social media promotion US style
In the summer the FSA said that some new media promotions it reviewed lacked risk warnings and others went beyond the definition of "image advertising" or did not comply with financial promotion rules.
The Docklands Clearances
Please forgive me for seeing some similarities here in the implementation of the RDR, the divisions of the anti and pro RDR lobbies, the silence of networks, various trade bodies and the Highland Clearances.
A date for the diary- 20th December 2010
As reported in July "Even before the lights dim at the FSA offices in London's Canary Wharf, another new regulatory body is now in incubation" and with it comes the news that Backbench MPs have now secured a full Parliamentary debate on the RDR and are awaiting a date confirmation.
IFAs Copiapó
"So will there be any daylight shining into the IFA version of the Copiapó "regulation mine" many find themselves trapped in"?
The silence of the networks
If an IFA's business has income of say £100K 50/50 initial and trail and a Network takes 15% then the Network earns £7,500 on initial and £7,500 on trail i.e. £15K per IFA member.
Liar, liar!
I never cease to be amazed at the sheer near criminal audacity of some people who purport to have been miss-sold some 20 years or so after the event.