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Broker Talkback

Do you agree with Aifa that advisers should be able to offer advice limited to specific areas, agreed by a disclaimer, without the compliance risk of a full fact-find?

Yes – 85%
No – 15%

Yes “I give it a qualified yes but it could take us back to the 1980s and 1990s, where limited advice often meant bad advice.”
-Graham Turner, Financial Futures (IFA)

No “It is a little bit dangerous because people may think they know what they want but often they don’t.”
-Andy Hockaday, Investing Ethically

Yes “There are many people who would benefit from financial advice who cannot at the moment as it is not profitable for advisers to service them.”
-Colin Fogwill, Fogwill & Jones

Yes “It would speed up the process and provide better value for the client. I think clients often believe it is pointless for us to run through everything when they have something specific in mind.”
-Tony Robinson, Robinson George Financial Management

Yes “I would support it. In the real world, that is exactly what is required. It should be done in the interests of meeting the requirements of the general public. Consumers know what they want and they do not want to spend two hours filling out a fact-find when they only want to buy one type of product.”
-Neil Lingwood, Maestro Financial Services

Yes “I would very much support Aifa in its lobbying for limited advice, provided that the client is fully aware that is the case and they understand what they are getting. Many IFAs probably work in this way anyway.”
-Sean McCabe, Sean McCabe (Independent Financial Advisers)

Yes “I kind of do that already but we still have to go through the full fact-find but we just explain in the suitability letter that it was limited advice on a particular product area.”
-Andrew Coates, Coates & Co Financial Planning

Money Marketing welcomes readers’ letters for publication. Letters should be sent to: The Editor, Money Marketing, 50 Poland Street, London, W1F 7AX.


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