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Consumers support sales split

Over three-quarters of consumers back the FSA’s plans to create a clear differentiation between sales and advice.

An Aifa report published this week shows that 81 per cent of consumers say knowing whether you are being sold a product or being advised on one is important in building trust.

Eighty per cent of consumers who bought a product through an IFA in the past three years said the IFA considered their personal circumstances above all else compared with 60 per cent of bank customers.

Director general Chris Cummings says: “We believe the benefits in offering absolute clarity on whether a firm is an agent of the client or otherwise will go a long way to restoring trust in the sector. We call on the Government and regulator to make the distinction crystal clear.”


Take your partners

The FSA clampdown on mortgage miscreants continues apace. None of us should be surprised as we have all seen it coming. The FSA made it clear at the end of last year that mortgage advisers can expect further hefty penalties if they step out of line and have reinforced that pledge over recent days. They have also confirmed that there were further enforcement actions in the pipeline and more investigations under way, with heavier penalties being issued where appropriate as a “credible deterrent for the industry”.

The changing world of professional connections

The Legal Services Act of 2007, which opened up the legal market to competition, has put the cat among the professional pigeons. In the words of a 2015 Law Society report on what the legal profession is likely to look like in five years’ time: “Business as usual is not an option for many, if […]


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