Market Update

Caution and vigilance remain our guiding criteria, but we have also seen a healthy growth in your portfolio since the beginning of the year. Performance during 2009 is now approaching 10% and, whilst this still remains some way short of previous levels, it is also cause for encouragement.

We are retaining an overall cautious approach towards asset allocation, until such time as we see a realistic proposition of recovery. Meanwhile, we are also looking carefully for any genuine growth opportunities that may present themselves.

Financial Services Authority Review

Although the FSA seem to have been caught sleeping by the banks, they have still found time to conduct a review of the retail side of the financial services industry.

Argyle falls into this sector and therefore, we thought you might be interested in some of the key outcomes.

The FSA would like to see an end to commission, which they believe has a potentially dangerous influence on financial advice. What is preferred is a transparent situation whereby you, the client, pay for the advice provided… thus eliminating any risk of bias. You will be pleased to learn that we have been operating on this basis since 2003.

The FSA also want advisers to provide a proper review service, periodically assessing the advice they have been providing to their clients. Once again, you will note that Argyle have been undertaking precisely that strategy as an integral part of your Annual Review.

We work hard to ensure that our partnership with you is as transparent and effective as possible, but we are always happy to hear from you, should there be any aspect of our service whatsoever which you feel could be improved upon.