Keep their noses out of business

The FSA should keep their filthy noses out of things they don't understand. Renewals and trail is built into the product so that's it. NO MORE RETROSPECTIVE LEGISLATION enough is enough!!

Posted by: Incompetent Regulators Awards Team

Transparency

Surely paying ongoing trail/renewal/servicing payments to a new advisor, if endorsed by the customer when servicing is transferred perhaps as part of the fees for ongoing servicing should be perfectly acceptable? If the customer is receiving no ongoing servicing then reduce the AMC accordingly?

Posted by: Matt Cunnell

FSA Trail commission

Someone needs to tell the FSA that they cannot give trail commission on pensions to clients, it would be classed as an "Unauthorised payment" and we all know what that would do to the pension. THere is no joined up thinking by the FSA

Posted by: David Curley

Another nail in your coffin

Well - my old friends at the FSA have really stuffed you IFA boys now. There you were intending to retire in the next couple of years having been made to jump through various hoops, and now the good ole boys at the FSA have made your businesses virtually worthless. Why don't you just give up now and tell all your clients to march down to their nearest bank and give them all your business, because they can't afford the fees charges by REAL IFA's (ie, those who deal with clients who can afford the charges they will ultimatley have to pay to obtain "independent" advice.

Posted by: Nat East

Trail is on trial

Trail income for the guys and gals that take their job seriously is payment for the quarterly reviews and annual updates ... so by implication its an irrelevance if there is a transfer of servicing rights the fact remains that the IFA will still be doing this work and surely pointing out to the client that there is already an income stream built in for this will be received with open arms as appossed to saying something along the lines of i am going to charge you X?? What grates me is what are the likes of Pheonix, Windsor Life et al who have huge orphan client banks which they are not only taking the AMC's each year but are pocketing the trail incomes and for what.... the client gets a statement on the annual anniversary, this is blatent profiteering no effort is made to check if the clients attitude to risk is married to the fund selection, no Market trends are identified to the client in order for them to benefit and so on....... surely clamping down on this practise is what the FSA should be concentrating on not the fact that i could earn and extra £4.17 a month by getting a client to transfer the servicing rights of 10,000.00 serps contract held with Pheonix Regulation for regulation sake lets hope the conservatives win Good bye FSA!!

Posted by: Graham Barney

Trail commission

I am 68 years young and are presently involved in selling my client base to another company.The important part of all this is the value firstly of my clients and then the value of my trail commission.The transfer of client base will actually take an estimated time of about 2 years as I insist that each and every client is introduced to the new adviser by me, after all who is the most important person in this industry the client.This year fortunately will entitle the new company to receive trail but however, in 2013 this will stop. Two things here is if the FSA insists the trail goes to client then all IFA's can say goodbye to a very important part of the busines as they have been operating in the financial services they have been building up a potential pension and please take account that by taking trail we have taken less commission when the policy was written. Secondly if the trail goes to client who on earth is interested after as the client will be left high and dry without an adviser. Those working within the FSA need to get their act in order as I feel they have not thought this through.I am just so pleased I am getting out of this industry now before the FSA brings in a rule that an IFA cannot and will not earn a living giving what I believe the very best advice all our clients deserve.

Posted by: Terry

ongoing trail.

This proved the FSA could not organise a p... up in a brewery even if they were given the materials to do so. It just proves they are a million miles away from understanding how an ifa works. I have just helped two senior citizens to fill in their tax return. They could not afford to pay.My charge, nothing and whilst trail commission is not designed for this the income does help us to help others. It would be interesting to work out how much pro bono work is carried out by brokers over a year and cost it up just to prove a point this is not the sort of work the CAB are trained for. If anybody wants something that works to be made to stop working employ the FSA and they will make sure it does not work as soon as they get their hands on it.

Posted by: another terry