Industry news and views from Panacea and our partners.
RDR_
Defaqto: Due diligence remains key to unlocking multi-manager potential
According to independent financial research company Defaqto, in the run up to Retail Distribution Review (RDR) implementation advisers are likely to view multi-managers as an effective route for outsourcing clients investment portfolios
Aegon: Don't put off what you can do today
Ill get straight to the point; we now have only 15 months left until the implementation of RDR, so how far along the transformation route are you?
New FOS rules
I see that under the new version of FSMA, complainants will not have to accept an Ombudsman's decision in writing.
Looking for a CF30 locum for my new business
I'm currently seeking FSA registration for a new financial advisory website and need a CF30 qualified locum
Free RDR Roadshow with Origo, Plum Software, Standard Life and Voyant
Entitled "Tools and technology to help you embrace the RDR", the sessions are free to attend and will be interactive. You will meet industry experts from Standard Life, Plum Software, Voyant and Origo.
T.E.F - Taking Expenses Fairly courses to follow for FSA staff?
We learned last week in MM that the FSA has cancelled its programme of TCF regional workshops to concentrate its resources on the move to the new regulatory restructure and the RDR.
Annoy in haste, repent at leisure?
With press headlines in July saying Select Committee set to launch review into the accountability of both the Bank of England and the incoming FCA on the back of "deep concern", it really should come as no surprise that The Treasury Select Committee (TSC) has officially launched an inquiry into the accountability of the Financial Conduct Authority (FCA) following the FSAs their knee jerk and poorly timed response to the TSC RDR Review
Ctrl Alt Delete?
So what do IFAs think of the TSC RDR Report which was published on 16 July? PanaceaIFA conducted a TSC RDR survey to get a snapshot view of reactions to the report from financial advisers.
TSC RDR Survey
The Treasury Select Committee's report on the Retail Distribution Review on last Saturday (16 July 2011) has been greeted with a strangely mixed reception, the FSA is quoted as saying "The FSA notes the report's recommendation on timing but remains committed to implementation from January 2013".
Schroder UK Core Fund now available on multiple platforms
Schroders announces that the flagship fund in its RDR friendly range, the Schroder UK Core Fund which offers customers a low cost, actively managed alternative to passive investing, is now available on multiple platforms.
Time to stop digging?
With the release of the Treasury Select Committee's report on the Retail Distribution Review on Saturday, 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.
Defaqto publishes results of annual platform satisfaction survey
Independent financial research company Defaqto has today published its Review of platforms service which, based on its annual satisfaction survey of platform users, highlights
Media coverage
PanaceaIFA is making the headlines - For those who follow the Pinks it will come as no surprise that we are making noises that are both valued and heard in the industry. Over the last year, media attention regularly focuses on PanaceaIFA.com. when an opinion is required on matters that face the smaller IFA today.
The circle game? FSA tells consumers advice under RDR won't cost more.
They state that the process of RDR is simply modernising the way recommendations about investment products, such as ISAs and pensions, are made to investors.
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.
IFA Letter of the week: Opticians and commissions
If the FSA regulated Optometry? I recently met with a client who happened to be an optician and this sparked an interesting train of thought! An optometrist derives remuneration in a similar way to an IFA. It takes many years to qualify as a Doctor of Optometry i.e. degree, over several years of study and as a result they are able to diagnose vision problems, diseases of the eye, brain tumors and related diseases. They are of course also responsible for prescribing corrective eyeglasses and contact lenses.
Lansons regulatory forum 2011
An invitation for our forthcoming Regulatory Forums. At our first session we shall be considering to what extent advisers are RDR ready.
IFA letter of week: Only a fool makes the same mistake again and again!
Over half of consumers will not be prepared to pay for financial advice, according to research from the Association of British Insurers. The ABI research asked over 2,500 people about their attitudes to financial advice.
Exclusive: The PanaceaIFA.com interview with Stephen Gay Part 2
Grandfathering is the elevation of a practitioner from one level of qualification to a higher level, without the requirement for evidence of capability to merit that higher level.
Scottish Widows: Transparent product charging
Scottish Widows is supporting you with the option of new RDR style adviser charging plus transparency on investment, service and adviser payment charges.
Interview with Stephen Gay Part 2
Following last weeks first part of our exclusive written interview with Steve Gay, some observers noted that there were too many questions ignored and stock answers given to unasked questions. Part two covers his views on Grandfathering, the post RDR world and the challenges he faces.
Exclusive: The PanaceaIFA.com interview with Stephen Gay.
As you will know, following our recent IFAss done up like a kipper article Stephen Gay, Director General AIFA, kindly agreed last month to do an exclusive written with PanaceaIFA.com, questions being sent in by PanceaIFA members for his consideration.
Exclusive: Interview with Stephen Gay.
As you will know, following our recent IFAss done up like a kipper article Stephen Gay, Director General AIFA, kindly agreed last month to do an exclusive written with PanaceaIFA.com, questions being sent in by PanceaIFA members for his consideration.
April Fool
Our Friday bulletin featured this article Alternative Assessment innovation will ensure IFAs do not get left behind.
A Cuckoo in the nest? The Money Advice Service launched 4th April 2011
A new nationwide service has just launched to provide free, unbiased advice to help everyone make the most of their money
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.
Treasury Committee to take evidence on the RDR
Dear Mr Tyrie I watched Mr Sants and Ms Nichol giving evidence on the 9th of March courtesy of Parliament TV. Since then your Senior Committee Assistant Phil Jones has been his usual efficient self and sent me a copy of the uncorrected transcript which I have been studying.
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.
BNY Mellon: Invitation - R02 RDR training workshops
Register now to secure your place for one of our free morning R02 workshops in March or April.
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.
Stop Press TSC Retail distribution review video.
If you missed the session with the Witnesses- Hector Sants, Chief Executive, and Sheila Nicoll, Director, Conduct Policy, Financial Services Authority,
AEGON: Add value to your RDR business model with guarantees
With RDR approaching, youve probably already considered how to adapt your business model for an effective future. Here we show you how guaranteed products can benefit your clients and your business, whatever your business model.
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.
Addressing the demands of gap filling
The issue of gap filling is contentious. Many advisers may have worked hard to complete their professional exams or achieve Institute of Financial Planning (IFP) Certificate in Financial Planning (CFP) status and the last thing they need before the retail distribution review (RDR) implementation deadline is a changing game. It may be a jolt to discover that in spite of your extensive experience, knowledge and expertise, you still have a multitude of gaps to fill.
Who is not looking at the Regulators Code?
At the RDR morning I was amazed that so few IFAs were aware of the Regulators Code. This is an important document and should be considered by the FSA.
Wizard Learning: Final RDR rules on professionalism including gap filling & CPD
The FSA has now published its final rules on professionalism and delivering the RDR in Policy Statement PS11/01 and below we detail the key professionalism requirements.