Karen Barrett, Chief Executive of professional advice website unbiased.co.uk, comments on the FSA’s latest RDR Policy Statement (10/6):
Overall reaction
“We continue to support the RDR project and its overall objectives. In raising advice to a higher professional standing and in helping the public recognise its specific value, it promises good news for consumers and IFAs alike. We do however note some potential in this latest paper for an uneven playing field to develop between IFAs and other advice types.”
Professionalism
“More than half of IFA firms on our database now list details of advanced qualifications they hold, and 37% already hold the equivalent of the future QCF level 4 benchmark for providing investment advice. So we’re confident that the IFA market is well placed to benefit from this increase in professionalism. We share the FSA’s concern about the potential for consumer confusion should providers of simplified advice be able to operate at a lower professional level to the broader advice market.”
Disclosure
“Whilst advisers must adhere to firm and clear rules to describe themselves as ‘independent’, it appears that Restricted Advisers will now have leeway to be more creative in how they interpret their offering to customers. We would like to see clear, mandated disclosure wording for restricted advice, since this makes it easier for the consumer to recognise the types of advice on offer, as well as being simpler to police.”
Adviser charging
“We are fully behind the FSA in exploding the myth that advice comes free. But this approach must be accompanied by total payment transparency across all product sales. So where a bank pays its representatives commission on a product sale, we feel this sum must be highlighted just as prominently up-front as Adviser Charging will be in the post-RDR world, and consumers should be left in no doubt as to where this money will be taken from.”
ENDS
For further information on unbiased.co.uk, the professional advice website pleases contact:
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Karen Barrett, Chief Executive |
Anna Schirmer / Anna Moulds / Charli Scouller |
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unbiased.co.uk |
Lansons Communications |
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020 7833 3131 |
020 7294 3682 |
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5. Journalist recommendations. The Blue Book gives helpful suggestions as to which Media IFAs other journalists have on their list of favourites. Each Media IFA profile has suggestions as to other Media IFAs you may find useful.
6. Broaden out your contact list of Media IFAs. Overall, the Blue Book online is designed to help you widen the pool of Media IFAs you can contact for commentary or help with articles you are writing. Sign up to the Blue Book now in order to take advantage of all these features.
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.
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AEGON Scottish Equitable |
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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