The consultation document issued in July is a complex and lengthy document containing over 70 questions. The full text can be found on the Treasury website at www.hm-treasury.gov.UK.
Obviously, bodies such as the LIA and Aifa will be sending in responses and expecting feedback from members. But considerable weight will be added if IFAs also send in comments.
It is important in addressing an inquiry of this kind to have in mind a few guidelines. First, it is important to remember the Government has the authority to conduct an inquiry like this. There is no point in arguing that it should not be doing this. Our job is to work with it to see if we can bring about a satisfactory outcome.
It is important to approach the questions raised positively, putting yourself in the position of the person making the enquiry. You need to understand what is being asked from that point of view. Do not attempt to answer any questions where you do not know the answer. Stick to your areas of expertise and give honest answers. After all, if we believe in what we are doing, what do we have to hide?
Organise your response. There are various ways of doing this. I tried to group the questions into four areas – consumer, distribution, advice/competency and competition issues.
In providing comments, do not just give simple yes or no answers. Provide argumentation or evidence to back up your view. Be succinct and to the point and, above all, think about what you are saying. Would you be convinced by your own arguments if you were in the position of Sandler or, indeed, the Chancellor himself?
Finally, end your response by offering to provide further information or discussion if necessary. I wish you all well.
You can respond to the review by emailing email@example.com.UK or writing to The Sandler Review Team, Room 316A, HM Treasury, Allington Towers, Allington Street, London, SW12 5EP