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MPs back IFAs and want to cut red tape

Liberal Democrat MPs have given IFAs a ringing endorsement, saying they play a crucial role in the provision of financial services in the UK.

Treasury spokesman Matthew Taylor, spokesman for older people Paul Burstow and Treasury select committee member Edward Davey say IFAs are essential to ensure that investors receive sound financial advice.

Taylor says he is worried about the level of regulation IFAs face. He says if the burden is not reduced the sectormay not be able to survive.

Both Burstow and Davey say if they were looking for financial advice they would turn to an IFA before a tied or multi-tied agent.

They say an individual cannot know the level or quality of advice that they receive from a tied adviser.

Taylor says: “The serious problem with the red tape that now exists is it makes it almost impossible for IFAs to manage. The Government needs to make the system of regulation and independent financial advice work better in the long run both for customers and business or the advice will not be there in the future.”

Burstow says: “Good independent advice is absolutely key to financial product markets. Advice that people feel they can trust and make sensible decisions from is necessary.”

Davey says: “I have a bias towards greater independence for advisers and for making sure there is a clear distinction in the minds of the customer and that tends to mean I am very wary about tied advisers.”

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