View more on these topics

Consumer backing for whole of market

Three-quarters of consumers believe searching the whole market for products is a key role of IFAs and less than a third believe payment options have a bearing on independence, according to Aifa research.

A YouGov survey found that only 17 per cent of consumers believe advisers should have an indefinite liability for advice, with 70 per cent suggesting the maximum period should be 15 years or until the end of the client/adviser relationship.

Ninety-one per cent of consumers thought they were ultimately responsible for their own financial affairs.

The results were released as part of Aifa’s fifth paper on the RDR focusing on consumer responsibility.

The paper says the industry must move away from jargon and terms such as caveat emptor and be more transparent in terms of marketing and communication materials.

It says offering “sub-optimal” primary advice is unlikely to rebuild trust in the industry and warns of the detrimental effect of having fewer advisers serving middle-income consumers.

Recommended

Buckley picked as Swip chief executive

Scottish Widows Investment Partnership has appointed Dean Buckley as its new chief executive. Buckley joins from HSBC in January. Swip has recruited Winterthur investment distribution head Bernard Henhall as sales director for the new fund of funds team.

Cool and unusual

Specialist, sector-based and somewhat esoteric funds appear to be the themes in the UK retail investment industry at the moment, with product launches covering Africa, infrastructure, agri-culture as well as climate change.It is not out of the ordinary to see a few unusual funds launched at any time. For example, a few years ago, Pictet […]

Paternoster takes on Emap scheme

Paternoster has taken on the assets and liabilities of the Emap pension scheme, which total £170m. Paternoster says its pension scheme assets exceed £750m.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment