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IFAs challenge Sandler to meet them for talks

IFAs across the UK have invited Ron Sandler to meet them face to face to

discuss how they do business before prejudging the industry any further as

part of his Treasury-backed review of the retail savings market.

In an open letter this week in Money Marketing, 14 leading IFAs urge

Sandler to contact them to talk about the issues raised in his consultation

paper.

The signatories represent IFAs of all sizes from networks to big

investment specialists to small commission-based practices and from all

corners of the UK. They vary as much in their views of Sandler&#39s comments

on the industry as they do in the type of businesses they run.

As one, however, they collectively recognise the need for Sandler to get

out and talk to individual IFAs rather than rely solely on trade

associations to represent the views of the industry.

In his paper, Sandler says IFAs lack investment knowledge, rely too

heavily on past performance and claims their commission relationship with

providers confuses consumers and endangers the marketplace.

Positive Solutions chief executive David Harrison says: “This is another

example of Government-sponsored individuals seeming to lack a basic

understanding of the market and what normal people want. He should realise

the real constraint in the market is the lack of advisers, not charges or

costs.”

Chartwell Investments associate director Patrick Connolly says: “Before

making comments in public, it would be sensible to learn about the ins and

outs of the industry and talk to those who operate in it about how they run

their businesses.”

Open letter, p2; Review influences, p10; Our view, p12; Perspective, p20

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