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IFP prefers Sandler to CP121

The Sandler review&#39s approach to the remuneration of advisers is much more sensible than the plan in the FSA&#39s CP121, says the Institute of Financial Planning.

But it says while it likes Sandler&#39s recognition of the need for highly qualified fee-charging advisers, it has concerns about the no product sale, no fee allowance. Chief executive Nick Cann says this would put too much pressure on advisers to sell products and the industry would be no closer towards cleaning up its reputation.

He says Sandler&#39s proposals make more sense than the FSA&#39s and he agrees with Aifa in the dispute with the LIA over which set of proposals are more workable.

Cann criticises the FSA&#39s CP121, saying it does not offer sufficiently detailed analysis while Sandler&#39s paper does back up its arguments with evidence.

He says: “The important thing is to highlight the fact we are discussing highly qualified and professional individuals who are worth the money they are charging. The only grey area is where Sandler talks about separating the price of the product from that of advice. I would have concerns if advisers don&#39t charge unless they make a sale.”

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