fees

Nine out of 10 IFAs believe fee-based remuneration is either essential or important in order for their business to succeed in the future, says Winterthur Life.

The Treasury Select Committee's report into the long-term savings so far to suggest the very existence of IFAs may hinder rather than help improve consumer confidence in long-term products.

The Life Insurance Association has proposed a new approach to the FSA's "depolarisation" pricing menu which would break down the cost of advice from product purchase and ongoing service.

Over half of UK adults took out an Isa in the previous year, making the 2003/04 tax year the most popular since Isas were introduced in 1999, suggests IMA research.

FSA fees should be based on the number of approved persons within a firm instead of the income earned because it would be fairer for IFAs, suggests the Association of Independent Financial Advisers.

The Financial Services Authority is attempting to achieve too much in one go through the depolarisation menu, suggests life insurer Friends Provident.

Only a limited range of investment and pension-based products will be included in the "menu" commission tables in order to limit consumer confusion about the various remuneration levels as well as limit menu work for the FSA and IFAs, says CP04/03.

The Financial Services Authority will set all market average commission rates for menu commissions, however, adviser firms will be expected to update their document if the FSA makes changes, according to the FSA's conduct of business rules proposals....

All advisers will be required to issue clients with a copy of "A guide to the costs of our services" as well as an Initial Disclosure Document and terms of business when they advise any private client, except when advising on GPPs, says the latest FSA...