Having read your comprehen-sive coverage of the contentious issue of the Sandler review (Money Marketing, August 9), I feel compelled to add my own contribution to the debate.
Far from accepting the findings of the report as little more than a sweeping generalisation of our industry, I find them a gross personal insult.
The aspersions regarding lack of investment knowledge, commission bias, etc, if allowed to go unchallenged, in a court of law if necessary, could have a very serious adverse effect on my practice. It is up to IFAs, individually and collectively, to challenge the authors of this report (including those anonymous Treasury officials who use their anonymity to protect themselves) to produce the information which has brought their conclusions.
Perhaps the most telling single comment in the whole consultation paper is when it questions why so many clients enjoy long-term relationships with their IFAs, almost as if, at the last gasp, it finally dawns that, despite their own unfounded, preconceived views, there are many thousands of people who are very satisfied with the relationship and service they enjoy from their IFA.
This whole sorry episode typifies the problem that the current regime exemplifies. The regulators know a lot but understand very little – and this in the context of the Equitable Life and Towry Law episodes, the former, as every IFA worth his salt knew,a disaster waiting to happen.
It is the regulators themselves who should be held up to public scrutiny.
David Yorke Financial Planning Strategies,
Linlithgow, West Lothian