It is a very sad day when, having practised for 33 years as an IFA and having done so without a fee being paid by our clients (without a murmur of discontent from a very large client bank), potential legislation is being suggested to force me arbitrarily to charge fees if I wish to retain the status of an IFA. For over 30 years,we have enjoyed not being dependent, not subject to the control of others, unrelated, free (which is how the national directory describes “independent”).
There is no mention whatsoever that you have to charge a fee to be independent.
I ask two questions -can this proposed change be lawful? How can it be protecting the public?
As I understand it, less than 10 per cent of the nation are happy to pay a fee for independent financial advice. Most of them are with the high-earner category and are generally introduced to an IFA via a solicitor or accountant.
Therefore, the remainder of the nation who are not financially in a position to pay a fee will lose the benefit of obtaining independent financial advice.
What has happened to logic and fair play?
Heather, Moor & Edgecomb, Chippenham, Wiltshire