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FSA should be keeping check on status

IFA Promotion is complaining that it is shouldering work it believes the FSA should be doing.

It is often falling to IFAP to identify the status of an adviser because the FSA does not do so.

Of course, this is part of IFAP’s work but it does not cover all independents and no multi-ties or tied advisers.

The question is whether it should be the FSA’s business to know the status of an adviser. The answer is probably yes. This is a changing market. To take one example, Edward Jones, with around 120 branches, is now whole-heartedly whole of market rather than independent.

It may not be an absolute priority, with mortgage and general insurance coming within its remit, but at some stage the FSA should get to know just how many advisers there are and what their status is so it knows who are advising the British public and in what way they are being advised.

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