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Financial Services Authority retail distribution review

Comment 20th July 2010

Independent Financial Advisers (IFA's) are being asked to re-qualify to prove they know what they already have proved they know.  I am tested monthly to retain my licences having acquired the underlying qualifacation.  It is unnecessary for this extra qualifacation to be pushed upon us and for us to have to pay about £1000 for the privilege.  In view of the banking dilemma I think the FSA time could be far better spent sorting this area out.  I have been an IFA for 9 years and am still paying increasingly for the conduct of my predecessors who have been forced out of the industry. 

I recently recall MP's moaning at being fined retrospectively, mine is an industry that has lived with this for years.  The public are the ones in the end who will lose out.  Most cannot afford up front charges under the new regime, so will not get proper advice before proceeding down a particular avenue.  They will end up buying off the till at tecso.  I do not see how this can help the pension savings hole we currently have going forward past 2012, the date for change.

Why does this matter?

IFA's work FOR  their individual clients and have their interests paramount.  Tied, Multi-tied or Bancassurer advisers basically work for their employer with the pressures of their target driven environment. In this situation often a best fit scenario is the result.

 

Not only the wealthy have IFA's.  In order for all clients to get unbiased advice and assistance this sector of the industry needs to be protected. 

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