Referring to the research documents in my response to CP121, I found the respondents represented around 0.003 per cent of the population and I wondered how such far-reaching conclusions could be arrived at from such a small sample. The biggest group was 1,905, the other five ranging from 20 to 60, the latter referred to as a “relatively large number”.
I have a business to run and a living to make as an IFA and I must get on with it for as long as I am able. I am not prepared to spend more time combing through a consultation paper which, with its low sampling and predetermined objectives, I can only conclude to be not worth the paper it is written on.
With respect to polarisation and commission disclosure, consumers having the terms of business (its content, presentation and detail well regulated in the past by Fimbra and PIA) should understand very clearly what their adviser may offer. Furthermore, commission, its disclosure and fees are adequately covered therein, not forgetting the product disclosure documents.
However, some IFAs may be guilty of underselling their independence while tied agents are hardly going to expose their weakness by promoting their Don't Buy From Me Guide.
CP121 seems to be all about giving more to the banks, etc, and doing away with the IFA. It is not surprising that I misread a recent headline as Davies staying on to finish off IFAs instead of Davies staying on to finish off job at the FSA.
CB Financial Services,