David Elms, chief executive of Unbiased.co.uk, comments on the recent RDR report
“We are pleased that the FSA has decided to enshrine the term independent financial advice with whole of market advice. We have always said that this is what consumers understand by the term independent financial advice and this decision by the FSA will keep consumer confusion to a minimum.
“The important thing to remember is that we need to ensure there is no consumer confusion when it comes to selecting the right advice form for them. We believe that making sure the term ‘independent financial advice’ continues to mean whole of market is the right decision. It not only supports what is already embedded in the consumers’ mindset, but it also makes a clear distinction between what is truly independent financial advice and other forms of tied advice.
“Our numbers show that IFAs are already well placed to meet the increased qualifications bar specified in today’s RDR report. Over the last few years the IFA industry has seen a drive to professionalism on the back of increasing consumer demand. The almost 16,000 registered individuals on our database now hold between them 14,245 QCF level 4/ or above qualifications/ designations/ papers, clearly highlighting that the IFA market has a head start in meeting the new qualifications benchmark within the timescale set. We are pleased that this new benchmark will be applied consistently across all types of advisers and creates a level playing field in the market.
“Overall we believe that today’s report is a positive outcome for the consumer and the emphasis now needs to shift not only to the implementation of these changes but also to ensure that consumers fully understand this new structure of financial advice. We will continue to focus our work on promoting the benefits of independent financial advice to the consumer as we believe IFAs continue to deliver the gold standard of advice.”
Notes to Editors
Unbiased.co.uk, the professional advice website
Unbiased.co.uk is the free and confidential UK-wide search service matching consumers with the most appropriate local professional advisers for their needs. In 2008, Unbiased.co.uk fulfilled over half a million searches for local, professional advice.
The portal currently houses three professional advice searches: ‘find an IFA’, ‘find a mortgage adviser’, and ‘find a solicitor’, and is inviting accountants to sign up for its ‘find an accountant’ service. These searches enable consumers to find relevant professional advisers by postcode, area of specialism and payment method, amongst other options.
IFA Promotion, the organisation behind Unbiased.co.uk, is now in its 20th year, and was set up to promote the benefits of independent financial advice to the consumer.
Unbiased.co.uk’s product provider sponsors
AEGON Scottish Equitable Plc | Lincoln |
Alliance Trust | Lockton |
AXA Life | Lutine Assurance Services |
Bright Grey | MetLife |
BPP | National Savings & Investments |
Canada Life Ltd | Norwich Union Life |
Cardif Pinnacle | Opinium Research |
The Children’s Mutual | Prudential |
Clerical Medical Investment | Royal London 360 |
Friends Provident | Scottish Life |
The Hartford | Scottish Widows Plc |
Invesco Perpetual | Standard Life Assurance Company |
Legal & General | Zurich Intermediary Group |
Registered Office: Unbiased.co.uk is the consumer brand of IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606