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Pimfa appoints Openwork and Schroders chiefs to board

Trade body Pimfa has made four new appointments to its board of directors to help represent the investment manager and financial adviser sectors. The new members are Openwork chief executive Mark Duckworth and Schroders global head of wealth management Peter Hall. Duckworth is responsible for group and distribution strategy, and oversees the development of the […]


A day in the life of an SJP adviser

Lifting the lid on an advice network that continues to make waves “Infamous”, “fascinating” and “bizarre” are just a few of the words Money Marketing hears when the topic of conversation turns to St James’s Place. The Gloucestershire-headquartered advice network is home to almost one in every six advisers across the UK and is expecting […]


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There are 7 comments at the moment, we would love to hear your opinion too.

  1. If that advice was given by a regulated person, then yes, because it’s the advice not the product that’s regulated.

    To pretend otherwise and relieve regulated advisers from all and any responsibility for their recommendations just because the provider of the product/s they’ve sold aren’t FCA-authorised would swiftly lead to a positive orgy of mis-selling.

    Would they be required to hold relevant PII? If so (and I can’t see why they wouldn’t be), how would that sit with no FSCS coverage? The cowboys would flog unregulated rubbish hand over fist, their insurers would reject every complaint automatically (assuming they’d even bothered to offer cover in the first place) and the clients would have nowhere to turn.

    What is needed is for the FCA to mandate a system of special permissions for those wishing to sell unregulated and other off-piste investments, as well as stipulating relevant PII cover. Such a measure would, at a stroke, remove 95% or more of the regulated advisers currently operating in this area of the market.

    It seems so obvious and straightforward that one has to wonder why the FCA doesn’t just GTF on and do it.

  2. Neil Liversidge 23rd April 2019 at 5:31 pm

    1. Don’t make FSCS cover available. 2. Introduce special permissions for advisers wanting to advise on them. 3. Require the application to be routed via a third-party law firm which certifies that the client has been given the relevant risk warnings by them and understands FSCS cover won’t apply. 4. Make it illegal for providers to accept business that isn’t routed via a third party law-firm with a risk-warnings sign-off.

    Problem solved.

    Forcing the FSCS to cover unregulated products is like forcing me to pay higher motor insurance premiums to cover cars driven in a demolition derby.

  3. No, because unregulated advice should be banned for regulated advisers

    • All advice given by FCA-authorised advisers is regulated, regardless of the product.

      • Neil Liversidge 24th April 2019 at 11:22 am

        And that’s the problem. Anything that allows the FSCS to game the rules will be used to order payouts at our expense, because a) those running it like to be popular and b) they and politicians don’t like the earache they get re’ compensation.

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