View more on these topics

RDR: FSA’s Consumer Panel hits out at advice/sales U-turn

The Financial Services Consumer Panel has hit out at the FSA for its U-Turn on the advice/sales split and says the term sales advice is “devoid of meaning”.

Chairman Lord David Lipsey told the audience at the RDR conference yesterday that consumers will be extremely confused by a sales advice channel.

He said the FSA was prevented from making a clearer distinction between sales and advice because of Mifid limits, which he says were designed for European banks who want to continue to use the advice label.

Lipsey said: “If what the FSA says about MiFID is true, then it seems this nonsense language will have to be allowed.”

While Lipsey praised the move to higher professional standards, greater transparency and the Money Guidance program, he called for higher minimum qualifications for advisers.

He said investment advisers should be required to hold a degree level qualification, or QCA level six.

Lipsey said while QCA level four is a step in the right direction the panel will continue to push for the bar to be raised higher.

He said: “This is a enormous step forward but my panel remains committed for more qualifications.”


Stop the spying

Money Marketing reported on November 6 that the FSA had lost an appeal to the Information Tribunal regarding a disclosure order by the Information Commissioner. This order required the FSA to disclose the names of seven firms it had criticised concerning the quality of their advice about equity-release schemes and follow-on investments.

Band out of tune

The Government says it will allow employers to self-certify that their pension schemes are good enough to exempt them from running personal accounts.

How do you choose the best online service?

By Ross Jackson, senior marketing manager There are many different protection online services available in the market and no doubt you’ll have used a few when submitting protection business. But why should you have to put up with slow, unresponsive sites for your business when you’re used to dealing with slick, modern user experiences in your […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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