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Earn back the public&#39s trust

In response to Philip Thomas&#39s latest letter (Money Marketing, April 4), I agree whole-heartedly with his comments about such companies as Hargreaves Lansdown.

They are tailor-made for distributor status and that is where they belong. Too many IFAs have been trading for too long as wolves in sheep&#39s clothing and their antics have put the future of the genuine IFA in jeopardy.

However, Thomas&#39s comments about CP121 widening the rich/poor divide are,in my opinion, total rubbish. The whole point of CP121 is to address this issue – hence, the advocating of multi-tied agents, tied agents, and authorised financial advisers.

However, an IFA can still continue to offer financial advice to the poor – they just do not charge these clients as much, offsetting commission against the smaller fee.

Radical though this may sound, this action may just win back the support of that part of the public that regards our profession with suspicion.

But – and what a big but – this will mean not earning as much and I suspect that too many in our industry will balk at that possibility.

Jeremy Newbegin Ethical Partnership, Eastleigh, Hampshire

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