Industry news and views from Panacea and our partners.
Panacea Surveys_
Surely still not Pete Tong at the FOS?
The Financial Advice Market Review (FAMR), just published, says that The Financial Ombudsman Service (FOS) has a crucial role in ensuring redress for consumers, and building confidence in the financial services sector, providing a quicker, easier alternative to the courts.
Something rotten going on?
Our FOS 2016 survey is showing some alarming results and even more alarming comments.
Technical Deficiencies in FOS practices
We recently had an email through from an adviser detailing how he believes the FOS are failing in the implementation of assumptions and procedures leading to unjust and technically, morally and legally unsafe outcomes. These matters include:-
The fos strikes again but will it still be pete tong @ the FOS in 2016?
2015 ended with a couple of really awful FOS stories to add to a raft of them over 2015
'Fings ain't wot they used to be', tell us about your provider support relationships in 2015
At the end of May we received an email from a financial adviser within the community who believed that there has been a huge downturn in customer service being offered by providers since RDR, declining further due to the pension changes.
Panacea Adviser: Adviser Sentiment Summer Survey 2015
Do you think there has been a downturn in customer services being offered by providers? How has 2015 been for your business? Please take our Summer Survey today.
Uncontrolled and unaccountable regulation? The lessons to be learnt from RDR.
Through a combination of in-depth research, collation of existing data, reference to case studies and analysis of regulatory pronouncements, the FCAs own report published in December 2014 could not find any consumer benefit in RDR but still it continues to roll towards the removal of trail commission in 2016.
Doomed? Trail removal matters, fears for the few as well as the many
Many readers will be aware, we have been concerned for some while about the impact that the removal of trail will have on businesses. The impact is varied, the threat real, in fact more real than even we realised.
Panacea Adviser and The Heath Report RDR and Trail Survey
Panacea Adviser and The Heath Report RDR and Trail Survey
Still Pete Tong at the FOS?
From the 7th July to 12th August this year, we conducted a survey amongst financial advisers asking them for their experiences of the Financial Ombudsman Service, its perceived fairness and how the overall complaint system could be amended in order to deliver greater efficiencies and fairness.
tell clive gordon all about it' spring snapshot survey
At the start of the year, Panacea Adviser, in conjunction with the New Model Business Academy (NMBA), hosted a panel discussion examining the effects of stopping trail commission. The event, which was in fact a full house, ended up throwing up more questions from the adviser community and it was clear there were a lot of concerns around trail and that further clarity was needed.
Post-RDR landscape survey
The time has come again where we ask for your help to take part in our latest RDR survey.
The Paraplanner Survey - last chance to have your say!
As we have settled into the new world, with greater regulation surrounding documentation and accountability, paraplanners have played an increasingly important part in supporting clients with their financial needs. Consequently, in July 2013 Panacea launched a dedicated microsite specifically for paraplanners.
Slice, dice it's about the advice the Panacea trends and habits survey
Earlier this year Panacea, in association with specialist research agency GfK, ran an RDR survey, which provided detailed insights into how adviser businesses are changing.
Segmentation matters. Fewer advisers than expected will only focus on most profitable clients.
Initial results in from our latest RDR survey reveal a lot has changed to adviser business plans in the last 6 months.
The Panacea Snapshot Survey
Panacea has put together a short survey to ascertain Adviser perspectives on current regulatory and business issues in order to determine the main issues that our industry is facing.
Captain Blackadder definitely did not shoot this delicious plump-breasted pigeon!
FSA head of investment intermediaries Linda Woodall was reported as saying: We are encouraged to see a large number of advisers plan to provide advice to people with smaller pots to invest.
Not just any old RDR Survey
In November 2011 the Panacea community took part in a survey designed to tell Mr. Sants and the FSA what they felt about RDR.
FSCS survey, the IFA community has spoken
The FSA proposed to hike its annual costs by 15.6 per cent from £500.5m for 2011/12 to £578.4m for 2012/13 . This is on top of an FSCS levy of £33m for 2012/13 confirmed in its plan and budget.
FSCS Levy Survey - now closed, results due next week.
The FSA has proposed to hike its annual costs by 15.6 per cent from £500.5m for 2011/12 to £578.4m for 2012/13
Well, will Mr Sants want to know what IFA clients think about RDR?
He has been sent a copy of the report but I suspect that he may not like what he hears. However, he should remember the words of Winston Churchill who said, Courage is what it takes to stand up and speak; courage is also what it takes to sit down and listen.
Ctrl Alt Delete?
So what do IFAs think of the TSC RDR Report which was published on 16 July? PanaceaIFA conducted a TSC RDR survey to get a snapshot view of reactions to the report from financial advisers.
Its all gone Pete Tong at the FOS
The FOS is a strange being, it is there quite rightly to act as an arbitration service to resolve disputes where consumers are unhappy with the investigation outcome delivered by a firm in response to a complaint they have made.