IFA

A law firm is preparing to launch claims amounting to £23m against Yorkshire Bank for professional negligence related to money invested in Arck LLP.

Industry veteran Phil Billingham has criticised restricted firms for peddling independence "myths".

A network allowing de-authorised advisers to continue to claim trail commission is to launch in March this year.

The International Organization of Securities Commissions (IOSCO) has published guidance for intermediaries who advise on complex financial products, including a report detailing nine principles on best practice.

Average growth of IFAs will be 4% in 2013 according to a new report, but companies should be careful to retain profitability as they expand, an analyst said.

The current scope of the Retail Distribution Review (RDR) is only a temporary measure which will be expanded to mortgage and insurance advisers in the future, according to consumer finance expert Jasmine Birtles.

IFA consolidator, Bellpenny, has purchased four IFA businesses with combined funds under management in excess of £300m and more than 2,500 active clients.

Almost 40% of UK adults would "never consider" using a professional financial adviser, a study commissioned by the Financial Services Authority (FSA) suggests.

NEW YEAR

An email from one provider urging advisers to maximise sales in the last week of trail is "desperate" and in "poor taste", according to managing director of Yellowtail Financial Planning, Dennis Hall.