So now we have it from the horse's mouth. After years of boasting about “qualitative” research and promotion of the “best” products, Peter Hargreaves has finally admitted his firm has never been independent but multi-tied (Money Marketing, February 14).
Those of us who criticised Hargreaves Lansdown and other so-called national IFAs as product peddlers have been proved right.
As CP121 relied heavily for its bias towards multi-ties on the activities of national IFAs, such as Hargreaves Lansdown, who have been regulated as “independent” but practised as the well-paid arms of product providers, representation to the FSA for scientific research into the work of genuine IFAs is a legitimate request.
Thomas Financial Planning, St Helens,