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RDR Interim Report: Advice and sales channels blurred, says IFP

The Institute of Financial Planning has slammed the FSA’s proposals to divide the financial services sector into advice and sales channels.

Chief executive Nick Cann says he is disappointed that the general financial planner category has been replaced by sales and insists the distinction between advice and sales needs to go further.

He says consumers won’t be able to differentiate between the two channels as advisers will still be selling products.

He adds: “This doesn’t move the market forward to where we want it to be. We support the move towards higher standards and qualifications, but the advice and sales channels are too blurred, especially given the current economic situation.”

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