View more on these topics

Compliance tip of the week: Needs and wishes are not the same

Keep in mind that you are an adviser, not a salesman.

Your job is to meet your customers’ needs, wishes and aspirations. 

Needs and wishes are not the same and if you cannot reconcile them, you cannot make sensible recommendations. 

Sometimes, you have to advise customers to do what they do not want to do.

There have been several FOS cases where the adviser complains of an adverse outcome as the customer wanted a particular fund or investment and now the FOS says it was unsuitable for his or her circumstances. It is right. You had to recommend something sensible or nothing.

Adam Samuel is an independent compliance consultant

Recommended

Steve-Webb-NAPF-Conference-700.jpg

Steve Webb: Govt will need to answer ‘8% question’ on auto-enrolment

Pensions minister Steve Webb says the next Government will need to address automatic enrolment minimum contributions because current levels are “not enough” to deliver sustainable retirement incomes. The auto-enrolment reforms have been hailed as a success by the Department for Work and Pensions, with over 3 million people enrolled into a pension scheme since October […]

Wheatley-Martin-2013-Speaking-700x450.jpg
12

Wheatley admits closed book blunder was ‘not FCA’s finest hour’

FCA chief executive Martin Wheatley has admitted the regulator’s handling of media reports surrounding its review into closed book policies was “not the FCA’s finest hour”. The Daily Telegraph first reported on 28 March that the regulator is concerned legacy customers are locked into poor investments by steep exit fees, and insurers may be “exploiting” them […]

Tim-Jones-Nest-500x320.jpg
1

Nest: Budget makes auto-enrol investment strategies ‘much more difficult’

Nest chief executive Tim Jones says the Budget pensions shake-up has made it “inherently more difficult” for automatic enrolment providers to decide their investment strategies.  In last month’s Budget, the Chancellor said anyone can take their entire pensions fund as cash from next April. In response, Nest said it was reviewing its investment strategy as […]

My Three Big Calls: John Chatfeild-Roberts

In general, emerging markets have been hit by a cyclical slowdown during a period of high inflation, which has been compounded by the US Federal Reserve’s decision to taper its monthly purchases of bonds.  The latter has resulted in a draining of liquidity from the global financial system akin to withdrawing oxygen from a flame. As soon […]

Sierra Leone cover image - thumbnail

White paper — Sierra Leone International Insights

Jelf Employee Benefits assesses the areas that employers should be aware of when considering operating in Sierra Leone, including healthcare access, delivery and insurance provisions. This report draws on various sources to highlight specific considerations for this emerging jewel in West Africa.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com