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Aifa chairman John Gummer makes plea to FSA over sales/advice split

Association of Independent Financial Advice chairman John Gummer last night urged the FSA to move ahead with a split between advice and sales in his Aifa annual dinner address.

The Tory MP for Suffolk Coastal said there must be a clear distinction between the two channels in order to increase consumer understanding of financial services.

Gummer said: “Ordinary people must know the difference between sales and advice and that distinction is crucial.”

He was also critical of existing regulation, insisting it needs to be improved, rather than added to.

Gummer said: “We don’t want more regulation, we want better regulation. The truth is that no one can say the regulators have shone during this difficult financial period. We don’t need more regulation, we’ve had enough regulation and it hasn’t actually worked.”


Safety switch

Until last year, IMA statistics showed net inflows to all types of funds, funds under management growing year on year and net sales of equity funds, including property funds, outstripping any other asset class. Since the credit crisis began, we have all entered a different world where investors are more cautious. Let us see how investors have been behaving over the past year.


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