The manifesto sets out guiding principles which Aifa says will deliver a more skilled, professional and ethical adviser community. It calls for cooperation between the industry, advisers, consumers, providers and regulators to build a robust future for financial advice.
It states that advisers have an obligation to deliver the most suitable advice in the interest of their clients and that consumers should be able to obtain fair, expert advice from financial advisers in order to improve their long-term financial situation.
The manifesto also points out that providers have an obligation to support the market for fair and high-quality financial advice and advisers have the right to expect a consistent, cost-justifiable and fair approach to their regulation.
Aifa director general Chris Cummings says: “The manifesto sets out our guiding principles for the future of advice which we believe should be embedded across the industry. For the principles to work in practice we need the support of regulators, the Government and consumers.”
O’Brien said: “This is really good stuff from Aifa. It represents an important step in the debate setting a vision for IFAs giving advice in the future and I look forward to seeing the progress IFA’s make over the coming years as they put this manifesto into practice.”