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Editor’s comment of the week

There are lots of [advice] models that will serve customers well. One of those is having specialists in a business and working as a team to provide the appropriate advice to a customer. 

I was amazed when the FCA defined independence as it did. Surely what it meant was every adviser must be skilled enough to recognise when their holistic advice is not enough and a customer would be better served by someone in the team who specialises in a given area. 

We cannot all be specialists in everything. The FCA should reconsider its guidance to support all models for achieving independent advice for consumers and make it easier, not harder, for advisers to work together. Surely that is better than advisers trying to be all things to all men and getting it wrong again?

Jane Hodges 

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Totally agree with you Jane, surely this is one area where all IFA firms who operate with specialists, and who would under the proposed new definition be restricted, should make very strong representations to the FCA to think again. There is enough bad regulation without starting to produce stupid regulation too. Rory Percival, please think of the implications of this very silly definition – you would force everyone to become jack of all trades and masters of none. You would discourage sharing of ideas and co-operation between colleagues, you would force clients down the route of receiving advice from independent advisers who know a little about everything rather than benefitting from a holistic firm-based approach where they have access to a small team of highly qualified experts. If Independence is going to mean anything positive and real, then please think about the repercussions of this frankly silly definition of what Independence means.

  2. Totally agree with you Jane, surely this is one area where all IFA firms who operate with specialists, and who would under the proposed new definition be restricted, should make very strong representations to the FCA to think again. There is enough bad regulation without starting to produce stupid regulation too. Rory Percival, please think of the implications of this very silly definition – you would force everyone to become jack of all trades and masters of none. You would discourage sharing of ideas and co-operation between colleagues, you would force clients down the route of receiving advice from independent advisers who know a little about everything rather than benefitting from a holistic firm-based approach where they have access to a small team of highly qualified experts. If Independence is going to mean anything positive and real, then please think about the repercussions of this frankly silly definition of what Independence means.

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