Aifa raises concerns over menu market averages

Details of the latest Aifa newsflash produced by Fay Goddard, director of policy at the Aifa, suggest lump sum collective investments, in particular, have been calculated at too low a level to be reflective of the whole IFA sector because the FSA may have included a high level of advised fund switches or transfers which do not carry initial commission. The FSA is said to have calculated the lump sum collective investment average at 3.78% npv because the data it took from product providers also includes 55% of cases which carry trail commission only. The Aifa, meanwhile, points out the...