Unbiased.co.uk's Comment on FSA's Announcement to Publish Advice Methods
Commenting on the FSA’s announcement that it intends to publish details of firms’ advice methods in 2009, David Elms, Chief Executive of IFAP/Unbiased.co.uk said:
“IFAP welcomes this decision by the FSA to better inform consumers about the type of advice they are receiving. Any action taken by the FSA to reduce consumer confusion can only benefit both the provider and consumer of financial advice, and should be fully supported. However, as the Retail Distribution Review will be reporting late in 2008, and by the time of commencement of the initiative announced today, Otto Thoresen’s review into the provision of generic financial advice will have reached an advanced stage, it is of utmost importance that the FSA supports this wholly positive step by initiating a long-term educational campaign to truly inform consumers about the different types of advice available. Only when consumers are fully armed with the full story as to the relative merits of tied, multi-tied and truly independent financial advice will they be able to make the best decision about what system of advice provision is best for them.”
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For further information please contact:
David Elms | Anna Schirmer / Anna Moulds |
Chief Executive | Lansons Communications |
Unbiased.co.uk | 020 7294 3682 |
020 7833 3131 |
For expert comment or case studies from over 200 media-friendly IFAs, journalists should call unbiased.co.uk’s Media Services hotline on
020 7294 3682 or search online at www.unbiased.co.uk/media
1. Independent Financial Adviser Promotion
Unbiased.co.uk is the consumer brand of IFA Promotion, the organisation established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents around 9,000 firms of independent financial advisers across the UK, incorporating over 17,000 registered individuals. These individuals hold over 22,000 incremental qualifications which are each individually verified by the awarding body. IFA Promotion welcomes the prominent display of incremental qualifications and further developments into the credentials of independent financial advice.
IFA Promotion is sponsored by 28 leading financial institutions, and in the past 12 months, over 575,000 consumers and businesses used unbiased.co.uk to find local independent financial advice.
IFA Promotion believes Independent financial advice should be:
Affordable. The option to take independent financial advice should be available, by right, to all- not just the wealthiest in society.
Convenient. IFAs should be available in the location of the consumer’s choice, wherever they live in the UK.
Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.
2. Independent Financial Adviser Promotion’s sponsors
Aberdeen Asset Management | Lincoln Financial Group |
Abbey | Lutine |
AEGON Scottish Equitable Plc | National Savings & Investments |
Alliance Trust | New Star Investment Funds |
AXA Life | Norwich Union Life |
Bright Grey | Prudential |
BUPA Health Services | Scottish Life |
Canada Life Ltd | Scottish Life International |
The Children’s Mutual | Scottish Widows Plc |
Clerical Medical Investment | Skandia UK Group |
Defaqto | Standard Life Assurance Company |
Friends Provident | Tomorrow |
Invesco Perpetual | Unum |
Legal & General | Zurich Intermediary Group |
Registered Office: IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606