Industry news and views from Panacea and our partners.
Adviser Letter of the Week_
IFA letter of the week: Something Is Rotten in the State of Denmark!
The FSA is a member of the executive. The executive branch of government is the part of government that has responsibility for the daily administration of the state bureaucracy.
Improving your knowledge
Passing courses and exams requires a whole range of skills from time management and organisation, to reading, understanding and self-management.
IFA letter of the week
Although we still have to wait for a formal response I see the FSA has already underlined its determination to stick to the original schedule, so in effect they have rejected the report. I personally don't see it making any significant difference to RDR but may be wrong.
IFA letter of the week
Although we still have to wait for a formal response I see the FSA has already underlined its determination to stick to the original schedule, so in effect they have rejected the report.
Update on the new rules on electronic marketing and cookies
On 26th May 2011, the amended Privacy and Electronic Communications Regulations came into
IFA letter of the week: Recklessly stupid over reckless stupidity!
On the 22/06/11 Hector Sants (FSA) told the Association of British Insurers' biennial conference in London that RDR will not prevent people from getting financial advice!
IFA letter of the week: Recklessly stupid over reckless stupidity!
On the 22/06/11 Hector Sants (FSA) told the Association of British Insurers' biennial conference in London that RDR will not prevent people from getting financial advice!
Act in haste, repent at leisure? Draft Financial Services Bill
It is the FSMA 2000 that grants the FSA powers that needs to changed/ scrapped because the FSMA 2000 grants the FSA powers that are in many ways unlawful, so much so that the FSA becomes the law! The FSMA 2000 was the child of Brown and now Mark Hoban MP wants to adopt this orphan as it is looking for a new home. After all we have been through and after all the UK have been through you may know that a Draft Bill, A new approach to Financial Regulation has been published as part of the recent White Paper.
IFA Linkedin Post of the week
Our Linkedin Group has some interesting discussions going on amongst a growing, varied and influential group.
Act in haste, repent at leisure? Draft Financial Services Bill
Forget the FSA it is the FSMA 2000 that grants the FSA powers that is to root cause of our problems and that is what we need to change because the FSMA 2000 grants the FSA powers that are above the law, so much so that the FSA becomes the law!
IFA Letter of the week: POST RDR TRAIL
For years we have been lectured by the FSA on the evils of upfront loading and the desirability of linking remuneration with ongoing trail.
IFA Letter of the week: POST RDR TRAIL
For years we have been lectured by the FSA on the evils of upfront loading and the desirability of linking remuneration with ongoing trail. Now we learn that Canary Towers wants to allow consumers the ability to renege on ongoing fees irrespective of what commercial or contractual agreements are in place.
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.
Defaqto: Only 50% of annual travel insurance policies will cover children travelling alone
Independent financial research company Defaqto has found that just half of all annual trip travel insurance policies will cover children named under the policy if they travel independently of their parents.
IFA letter of the week
An Appeal to Your Sense of Realism. I am writing to you with this personal appeal to join AIFA if you are not already a member. I have read many angry words about AIFA of late, about why it's done this or not done that, but as the heading suggests I want to appeal to your sense of realism. Our industry is going through a lot of upheaval and I am aware that many feel AIFA has been insufficiently robust on the RDR.
IFA letter of week
I set up my own business because I did not want my future to be determined by somebody else.
IFA Post of the week
Yesterdays news, tomorrows U turn? Yes I agree, it's going to be an unmitigated disaster. The most worrying observation I've made on the subject, is that not a single one of my clients is even remotely aware of the cost of charging them directly is going to amount too.
iPad business overview from the States
Advisors are finding that tablet computersand especially the iPad - offer a range of benefits you just can't get with a laptop. Here's how "thinner, lighter, faster" is helping advisors put in a whole lot more face time.
Data Protection and Retention of Data
One of the more unusual responses to the Panacea FOS survey was from a firm who was concerned that keeping client information indefinitely was arguably necessary given the lack of a 15 year longstop, but could be in breach of the Data Protection Act 1998 (DPA).
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.
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.
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.
IFA Letter of the week
Ageism is illegal in employment, training and education. The Equality Bill comes into force in 2012, making ageism unlawful in the provision of products and services where it has negative or harmful consequences. The Financial Services Authority (FSA) Retail Distribution Review (RDR) Level 4 Requirement threatens the livelihood of circa 20/30% of Independent Financial Advisers (IFAs) resulting in a negative & harmful consequences not only for those advisers but also to their soon to orphaned clients (consumers).
IFA Letter of the week
Ageism is illegal in employment, training and education. The Equality Bill comes into force in 2012, making ageism unlawful in the provision of products and services where it has negative or harmful consequences.
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
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.
Follow us
We now have a number of ways that you can follow PanaceaIFA.com, these include LinkedIn, Twitter, YouTube, RSS, Bento bulletin and the IFA hub.
Follow us
We now have a number of ways that you can follow PanaceaIFA.com, these include LinkedIn, Twitter, YouTube, RSS, Bento bulletin and the IFA hub.
IFA letter of the week:
There were more holes in the FSA arguments to the TSC than you get in a Swiss cheese.
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.
Where do I begin? My journey to a Chartered Insurance practitioner
I started off in the 80s when, at the time I was an admin trainer in a life company, my dear boss decided it would be a good idea if the team raised its standards by completing our professional exams.
Back to the Future
Eleven years ago I returned to the UK from my first taste of post graduate working life.
IFA Letter of the week: Views for you to stand up and fight for
IFA Letter of the week: Views for you to stand up and fight for
Is property losing its appeal as a long-term investment?
The publication last month of the most recent Association of British Insurers (ABI) quarterly consumer survey contains some very revealing figures about how savers and investors are thinking regarding providing for their futures.
The ''Brothers'' are revolting???
"I can speak from absolute experience when I say the rest of Europe won't have the RDR"!!!
Wizard Learning: new R05 training modules
We now have two training modules available for the CIIs R05 Financial protection exam.
IFA Letter of the week
Alex Morris, Partner and IFA at Financial Relationships LLP, says the FSA intend that the newly Accredited Bodies will audit firms professional standards on its behalf under its watchful eye post RDR.
IFA letter of the week - FSA RDR & EU LAW
With regard to the RDR debate the European element has been largely ignored but some are taking notice: