View more on these topics

MPs want generic advice role defined

The Treasury select committee says further consideration of the relationship between full and generic advice is needed if generic advice is to be successful in promoting financial inclusion.

The committee’s report into financial inclusion calls on the FSA to examine and lay out at which point advice ceases to be generic and bec-omes regulated.

The MPs say that “careful consideration” needs to be given in particular to the extent to which information gathered during the generic advice process can be relied upon by a regulated adviser.

The report says the committee would welcome accredited courses for generic financial advisers, combined with a set of quality assurance standards, that should be developed by the FSA with the financial services skills council.

The MPs recommend that the Treasury should take responsibility for discussions to broker an agreement between the FSA, the industry and other interested parties.

Issues to be ironed out include who would be most appropriate to deliver and co-ordinate a national financial advice network, how it will be funded and what, if any, charges are levied.

The MPs suggest that such a scheme could be funded through a partnership between public and private sectors and call on the Government to indicate what funding would be available and lead discussions with the private sector over funding.

The report says there are strong arguments for resources targeted at groups excluded from financial advice to be free at the point of use.

It says: “We expect the FSA to accord high priority to its work on developing a clear definition of generic financial advice and how it differs from product-related advice.

“In particular, the point at which advice ceases to be generic and becomes part of regulated sales advice needs further consideration.”

Recommended

Stamp of disapproval

With an estimated two weeks to go before what will be this Chancellor’s last pre-Budget report on December 6, it seems that much of the thunder, at least with respect to saving, has been stolen from him by Treasury Economic Secretary (and future Chancellor?) Ed Balls.

Half the population haven’t made a will

Standard Life says half of the people in the UK do not have a will and millions could die intestate.Its research also reveals that 74 per cent have not drawn up plans for power of attorney.It says 3 per cent of people own property abroad but do not have a will in those countries to […]

Aviva considers reattribution of inherited estate

Aviva is continuing to pursue the possibility of a reattribution of the inherited estate of two of its with-profits funds and has appointed Clare Spottiswoode as policyholder advocate.Spottiswoode will represent policyholders and the role was created under new FSA rules governing reattribution but at this stage no decision has been made to proceed with a […]

Bolton says FSA unsure if retention schemes break TCF principles

Edeus chief executive Michael Bolton believes the FSA is struggling to understand whether retention strategies conform with its principles on treating customers fairly.Bolton says other contentious areas, such as payment protection insurance, are easier to understand and have been dealt with head on but the regulator has not yet got to grips with the relatively […]

Brexit & the mid cap buying opportunities

By Mark Martin, Head of UK Equities at Neptune  Amid the market volatility in the lead-up to the Brexit referendum, there are buying opportunities for the prudent investor, explains Mark Martin. Click here for full article Important Information: Investment risks This fund may have a high volatility rating and past performance is not a guide […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com