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UnCANNed – Nick’s Pick of the News

UnCANNed is a regular but light-hearted feature brought to you from Nick Cann, CEO, at the IFP. Well known for his forthright views and straight talking, UnCANNed is Nick’s new weekly update bringing you his thoughts on a topical Financial Planning issue in true Nick Cann style.

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Blog #53 Half Term treats - 19/02/2010

It seems that there might have been a technical hitch last week as some of the regular subscribers didn’t receive the blog. I hope that your weekend wasn’t ruined and of course you can review it from the archive if particularly concerned. Your weekend wouldn’t have been ruined if you were watching the Welsh beat Scotland so convincingly on Saturday although you would have undoubtedly enjoyed a longer knap than normal on Sunday afternoon watching England kick and bore their way past Italy. Weekend off rugby this weekend and an opportunity for other pursuits.

It has not been a good week for Financial Planning businesses with the announcements about FSA fees and in particular the extra bill that is going to be produced in connection with the Financial Services Compensation Scheme. Advisers can feel rightly aggrieved at this policy and the fact that they should be penalised for the business failings of unrelated businesses. Advisers take out Professional Indemnity Insurance to cover any risk of claims about advice that they have provided which is ultimately found to be not in the best interests of their clients. This scheme seems unfair and in need of an overhaul. At the very least to ask businesses to pay four or five figures depending on size within 30 days without having any previous notice or opportunity to budget is at best insensitive and at worst scandalous.

Onto more positive subjects the training has been working well for the “world tour” that I am setting off on next week. I am one of the main speakers and chairman of the Funds5Live conferences. Have a look at the venues Edinburgh, Harrogate, Manchester, Birmingham, Bristol and London. Extra dates are also being considered due to popular demand and the offer of an Aston Martin DB9 to drive around in (although regret that I don’t think that I qualify for this, but you would). Diet preparation and rehearsals have gone well and do come up and say hello if you are there.

Half term week this week which is always a little disruptive but great to spend a little more time with the children even if they end up being bored almost before they have got up in the morning. I have noticed however that it is cheaper with my family railcard (which in itself doesn’t cost very much) to take all 3 children at peak time to London than it is to travel on my own. Now in the interests of saving money for the IFP, one of them will be accompanying me on every trip to London. I am sure that we can sort out something with the respective schools. Today we have the excitement of a Scottish Widows gathering in the Ice Bar in Mayfair (no indication of dress code) which I will be doing on my own with Torvill and Dean and all the other celebrities. We will then be meeting up to watch Billy Elliot in the evening. In between an excellent opportunity to do shopping and the sites! So exciting to come to London because I don’t get much opportunity in my current job to visit!

I am really proud of the events that we are bringing to the membership this year as the bar keeps getting raised. Please keep in touch with the programmes that are being updated all the time.

Thanks in advance to all CFP^CM professionals who have been sent the massive survey to complete. This is really important work for the IFP as we review the content of the programme and the needs of future generations of students. Thank you in particular to the one anonymous member who told me what the perfect time would be for a survey to complete. Other helpful comments like this are really appreciated. For all those who were thinking about something to do this weekend, why not find an hour or so to really help us at the IFP. I have done mine!

Whatever you are doing wrap up warm and have a great time. I am not sure if you have been following the Olympic Games but there was a bit of a problem on the bobsleigh run when the Irish refused to take part until they had gritted the track!

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