F & I Training
We receive regular enquiries about people wanting to qualify to become “Finance and Insurance” (F & I) consultants in the motor industry. In order to become an F & I, one needs the […]
Industry News
The Cost of Fixing Product Provider Problems
Your article on remuneration for different services made a lot of sense to me, and certainly deserves further discussion. As the IFA gets squeezed from all sides [extra work, less income & increased […]
Dissecting the Numbers
The figures published in the Retail Distribution Review discussion document provide a very clear picture of the current make-up of the industry in terms of market segmentation of advisors. In the past it […]
Who should pay the Piper?
While there is clarity on the existing remuneration system, which is essentially commission driven, proposals under the Retail Distribution Review aim to differentiate between various kinds of services, and establish fair remuneration for […]
Comment on “Material terms and Conditions”
In response to an article: “Disclosure of Material Terms” we published last week, a reader responded as follows: Dear Paul, No broker can possibly explain every single clause in a multi-page legal contract […]
TCF & Retail Distribution Review Update
A Draft “Market Conduct Framework” was published in December for comment. It contains the latest thinking by the Regulator on a number of key issues. The following is a synopsis of the rationale […]
Exemption date Extended
FAIS Notice 36 of 2014, which was published in May last year, exempted FSPs and representatives from complying with the following requirement in the FAIS Act: “A person may not render financial services […]
Tax Deductibility of Income Protection Policy Premiums
The FSB’s Information Letter 4 of 2014 discusses changes to the tax deductibility of income protection policies in view of changes announced in the Taxation Laws Amendment Act which became effective on 12 December 2013. […]
Binder Agreements and Fees under RDR
The FSB’s views of the current landscape of the industry are contained in Section 2 of the retail distribution review discussion document, and are broken up in sector specific sections. Binder agreements and […]
Advice Gap Broadens in the UK
It is difficult to understand how the UK Regulator managed to misinterpret the possible reaction to its implementation of Fees for Commission. A report in the Telegraph comments on a survey conducted by […]
Update on Sign-on Bonuses
The swift reaction by the FSB to finalise this matter needs to be commended, particularly if one takes into account that the process, which was announced on 1 September, included consultation with the industry. […]
Conflicting Accounts Regarding Cambist
According to Moneyweb, some firms with close ties to Cambist are experiencing problems. A month ago, OneLaw indicated that it would be offering voluntary severance packages to staff who wanted to leave. Earlier […]
Causal Event Charges and the RDR
A vast number of interpretive articles were published on the retail distribution review discussion paper since its publication. Unfortunately, a number of these added to the confusion, rather than provide clarity on this […]
A costly Oversight
A recent determination by the Ombud highlights a number of important issues when it comes to an advisor’s obligations towards clients. The complainant enjoyed comprehensive cover with Zurich Insurance. On 8 April 2013, he requested […]
Equivalence of reward to be reviewed
The Retail Distribution Review (RDR) sees unequal benefits accruing to certain distribution channels as a problem requiring change. The current Regulations applicable to the Long-term Insurance Act provide that the Registrar may determine […]
Prioritising RDR Proposals
The FSB proposes to implement the RDR proposals in three broad phases: Phase 1: Changes to be effected within the existing regulatory framework, using existing subordinate legislative and administrative powers. These changes will […]
Financial Planning under RDR
Contrary to what many appear to think, the Retail Distribution Review is not about abolishing commission and forcing brokers to negotiate fees directly with clients. It is in fact a far wider process […]
