The FPC exam resulted in lots of advisers becoming mortgage brokers.
With the low take-up of Cemap, we see increasing media coverage extolling the virtues of non-regulated business.
I can only assume that eventually the PIA/FSA will see a reason to block this route and then, guess what, we will all become double-glazing salespeople.
Round and round we go. Oh yes, what about the stakeholder issue?
It is about time that the PIA/FSA realise that there is no such thing as a free lunch.
The adviser should always expect a profit from the advice given, whether it is in the form of commission or fees is up to the client to determine. We are running a business not a charity.
The PIA/FSA should get a life. We are far too over-regulated, which in turn has seen the industry shrink dramatically.
Rules are great but can we please go back to basics.
York Financial Management,