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Aifa warns of confusion at new forms of advice

Aifa is concerned that many intermediaries do not understand the difference between the new forms of advice they will be able to offer in a depolarised world.

Director general Paul Smee says there is a lot of misapprehension in the market over what it will mean for an adviser to be independent, whole of market or multi-tied.

He points to what he des-cribes as a key issue about the difference between a whole-of-market offering and an independent offering, reminding intermediaries that while a whole-of-market adviser does not have to offer a fee option to a customer and an independent adviser does, there is no presumption that a customer will go for the independent adviser&#39s fee-paying option.

Smee says a decision about the status of a business after depolarisation is very important and should not be rushed.

He says: “I want people to be fully aware of their options before they make any decisions and I am concerned that there is a lot of confusion out there at the moment.”

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