2 Comments

  1. UK Adviser
    November 1, 2019 @ 8:14 am

    Is there any effin’ regulation outside of the UK? The FCA has dropped a few balls, but this pales into insignificance compared to all of this.

    The person you refer to, now working at Spectrum (is that a bond villain?), appears to have been taken on without any due diligence. The firm, apparently, does not even check to see if he is a member of the CII. A UK compliance dept. would jump on anything like this.

    FYI, OMI is now rebranding as Quilter International. It was announced a couple of days ago.

    The best way to fix this is for the offshore insurance cartel, AILO, to be investigated and broken up. In a competitive market, I find it strange that they all seem to have the same terms and conditions, commission in other words, as each other.

    Reply

    • Angie
      November 1, 2019 @ 10:21 am

      The problem is that Spectrum IFA Group is not a regulated entity in Spain (or anywhere else seemingly). It claims “The Spectrum IFA Group” is a registered trademark, rights to use granted to the following companies: Baskerville Advisers S.L. (Spain) and then a list of other insurance advisory firms in France, Italy, Luxembourg and Belgium. So there is no investment license – only a license to flog unnecessary, expensive, inflexible insurance bonds (that nobody needs or can afford). Dennis Raford was “Senior Partner” with the firm CWM and was partly responsible for the 1,000 victims whose £100m worth of investments were destroyed by the use of insurance bonds (illegally sold) and high-risk structured notes. I will get hold of AILO (I feel another blog coming on). Great suggestion!

      Reply

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