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Life office backers keep IFAP on independent path

The 11 UK life and pension offices behind IFA Promotion have unanimously voted to keep IFAP promoting independent advice in the depolarised world.

All 11 board members called for IFAP to maintain support only for IFAs rather than tied, multi-tied or whole of market commission-only advisers.

In order to remain on the database of 9,000 firms, IFAs must meet IFAP’s definition of independent financial advice. The criteria for receiving referrals are having at least one investment adviser and offering independent advice on the firm’s top eight product areas.

Chief executive David Elms admits that, for some consumers, a tied or multi-tied firm might be the right choice but to make that decision, consumers must fully understand an IFA’s value and the fee and commission options open to them, which will be made clearer under the menu.

Elms says: “Historically, I do not think that IFAs were properly explaining what they did. IFAs are a professional service and do not do stuff for free. The only gold standard is independent financial advice.”

Morgan Peterson principal Lesley-Anne Creffield says: “Given the true sense of the word independent, this is a good move. If an adviser cannot offer a full range of products, it can be misleading for the public going on to a website for independent financial advice.”


‘Pay more attention to losses’

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Two new board members at St James’s

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Benefits of using a probate bare trust

Have you ever wondered what happens to someone’s investment bond on their death if it is not written in trust? When someone dies it is essential to deal with their estate, which can be made up of their home, belongings, investment bonds and anything else they may have owned. But, it is not as simple […]


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