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Providers must leave it to advisers

I find it incredibles that the FSA has called for product providers to take more responsibility for the quality of advice that is given by advisers.

The FSA will be aware that the advice process primarily begins with (among other things) a fact-find, possibly supplementary questionnaires, full discussion with the client, recommendations, further discussions, decisions and suitability letters.

How on earth can the product provider be in a position to know all this information and then be able, competent or, perhaps most important, authorised to comment on the suitability of the advice given?

Would it not be more productive, realistic and rational if, instead, the FSA made absolutely certain that product providers were providing advisers with honest, accurate and appropriate literature that they could rely upon.

In other words, and at its simplest to avoid obfuscation, providers provide, advisers advise.

David Barnett


DPB Independent Financial Services

Edgware, Middlesex


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