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Declare for independence

I am proud to be a member of the Institute of Financial Planning but I must confess to an ongoing puzzlement.

I think the IFP is an excellent organisation run by some of the best people in financial services. Their aims and aspirations seem very much in tune with the modern era. Indeed, looking at their website, it says that one of their aims is to offer the best financial advice and when you look at their jargon-buster, under “Independent Financial Advisers” it says that an independent adviser is able to advise “on all aspects”.

Furthermore, the IFP have been for many years great advocates of the fee-paying structure. One would think they were in vanguard in all that the RDR wishes to achieve.

Why then have they not at long last declared for independence? It is obvious that, with the RDR, the regulator has at long last admitted that the best and most advantageous advice must be independent. Therefore we are having these changes to ensure that it is not only lip service.

I would not expect an organisation like the PFS to come out whole-heartedly for independence, after all, they are far more concerned with their balance sheet than any considerations of either their membership or the best advantage to the public. I would not place this criticism at the door of the IFP but unfortunately, in the words of Sherlock Holmes: “When you have eliminated the impossible, whatever remains, however improbable, must be the truth.” What a shame.  

Harry Katz

Norwest Consultants, Middlesex

RDR

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