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Comment of the week: Time for the FCA to treat us like professionals

Response to last week’s column from Martin Wheatley: One year of the FCA

Martin, thank you. It’s obvious you have very good intentions for the future of our sector.

However, I question the continued “industry” label when referring to the advisory profession. I doubt it’s missed your attention that advisers now have statements of professional standing (at least those who advise do) to demonstrate they have put in the hard yards to achieve the required standards and qualifications.

Therefore, my challenge to you is to start treating advisers, particularly independent advisers, as professionals rather than product distributors, which by definition implies product salesmen. It’s about time that the regulator supported by Government considered moving the regulation of the independent advisory sector to the professional bodies and the FCA concentrated on the product distributors, that is, tied adviser (aka restricted advisers), insurance, banking and investment product manufacturers.

It would be good for not only the independent advisory sector itself but for the customers we serve to finally be treated as a profession and, therefore, act like one.

Malcolm Coury



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YourWealth acquired by South African investment firm

Online financial planning firm has been acquired by South African investment firm Momentum for an undisclosed fee. YourWealth launched last year as a direct-to-consumer platform, and in November set up an adviser-facing service to sit alongside its D2C planning tool Money Hub. The UK arm of Momentum has acquired Your Wealth and the Money […]


Hugh Young: Balance sheet strength is critical

As investors, we tend to obsess over company profits. The size of profits and whether they meet expectations can move share prices and affect how much money, if any, will be paid out in dividends. During the financial reporting season profits tend to dominate headlines but seasoned investors are more likely to turn to a […]


Money Marketing wins four media awards including financial title of the year

Money Marketing won financial B2B title of the year at last night’s prestigious Headlinemoney Awards, the sixth time in a row it has won the award. At an event in London last night hosted by Alastair Campbell, the former spokesman to Tony Blair, the publication also won best use of social media and was highly commended […]

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What price (more) freedoms?

George Osborne will make his last Budget speech of the current parliamentary term this week, and the early media briefings suggest that pensions will again feature heavily in that statement. So what are we able to learn from the weekend’s coverage?


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