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29 Feb, 2008

John Lappin - 29-Feb-2008

The FSA says it has strong concerns about advisers white labelling their own funds and warned it will not tolerate any return to the worst practices of broker funds.

Speaking at a Cicero Consulting conference today in London, FSA director retail policy and themes and asset management sector leader Dan Waters said the FSA had concerns about potential conflicts of interest and warned firms must be very careful such funds are run to a high standard.
He said: "We will take a very dim view of any firms that bring a return to the worst aspects of broker funds".

IFDS group executive business development David Moffat, who has worked with a number of adviser firms to set up their own white labelled funds, told delegates he believed much of the concern in this area is not warranted.

He said in many cases the TER is lower for clients and the IFAs are not involved in the running of money.

More to follow.

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