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Sesame warns FSA may cause RDR “crisis”

Sesame has warned that the FSA is risking causing an RDR “advice crunch”, preventing millions of consumers from easily accessing financial advice.

Speaking at the Sesame Symposium in Manchester yesterday, Sesame Bankhall Group executive chairman Ivan Martin said the FSA could create a “crisis” through the RDR.

He said: “I believe that if the FSA doesn’t take the genuine concerns of the IFA community seriously, and soon, it risks leaving a legacy that will needlessly jeopardise the ability of millions of consumers to benefit from professional financial advice. It will create a crisis all of its own; an advice crunch, at the precise moment when Britons need advice more than ever before.

“Never mind the credit crunch, the FSA is risking an advice crunch.”

Martin said Sesame backs the transition to higher standards, but only if it is through “commonsense, sensible and pragmatic measures”.

He reiterated calls for the timeline for QCF level four qualifications to be extended and for factoring to be allowed under the RDR.

He said Sesame will be working closely with Aifa to put forward further RDR measures to the FSA.

He also called for the FSA to be charged with establishing and maintaining a savings culture in the UK.

Martin said: “I’m going to use this stage to suggest that FSA be given a new statutory objective. An objective that ranks equal alongside treating customers fairly and maintaining an orderly market. I believe the FSA should have the objective of establishing and maintaining a savings culture in this country.”


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There are 43 comments at the moment, we would love to hear your opinion too.

  1. I disagree. The FSA is not risking an advice crunch. We are way beyond it being a risk – it is now almost a racing certainty.

    Different studies give different figures but 20% or so of advisers have already indicated that they will leave or retire. Of the remaining 80% – some will fail. So pick a number – My gut feeling is that 30% will be close enough and for what purpose ?

    Higher qualifications will not help close the savings or protection gap. Very few people who do not save but should have complex needs. They need simple cost effective savings plans to be SOLD to them without unnecessary and costly advice.

    In truth the very existence of Regulation over the last 20 years or so has actually made this situation worse. If there is less mis-selling today than there was 25 years ago could it be in part because there is less selling.

    Unless the FSA take a time out we simply have fewer advisers gravitating more towards the High Networth end with those who need to save or require basic protection being ignored.

  2. Surely, this Government wants the working class to remain at the bottom of the heap, to remain without aspiration, to remain Labour voters.

  3. de ja vu!
    But this time we will see the demise of the source for many of the adviser of the future.
    Where will we get new blood from when there is little regeneration and organic growth?
    The basis of the development of educated advice is surely down to the attraction of the rewards for doing it,not the cost of doing it.Am I missing something when there is no desire to become a qualified adviser?

  4. I have long believed that the only eventual winners from the RDR will be the banks. Their advisers will have to operate to lower standards than IFAs (because they will be tied) and they will be the only ones with the critical mass to be able to cross-subsidise their advisers.

    IFAs will not compete with the banks on this playing field because they will not be able to on price, therefore the banks will have unfettered access to approximately 80% of the consumers in this country. We all know that bank customers receive expensive, poor quality advice. The RDR will force this on most of the population.

    It is the removal of factoring that will be the death-blow to fair, impartial financial advice from the IFA, not the increase in qualification standards.

  5. couldn’t agree more,few investors can afford or wish to pay fees so most will be excluded.Surely the real worry is that i don’t see the banks squealing about it!!!

  6. The FSA must be stopped before its too late. Ivan Martin joins a band of brothers:

    Otto Thoresen – CEO Aegon “The RDR is only helping wealthy customers”

    AXA April 2009 “We will lobby the FSA to make sure the RDR does not mean less are able to access advice”

    David Cox – SuuqeaMarch 2009 “Two million clients could be left without an IFA after RDR – 40% could leave the industry”

    FSCC January 2009 “Financial advice will be less widely available post RDR”

    Institute of Financial Services “RDR will impair financial advice before improving it”

    Alasdair Buchanan Scottish Life November 2009 “Sales advice is a real cop out and extremely confusing to investors”

    Stephen Gay – AvivaJune 2009 “The regulator has failed to consider the danger of adviser charging limiting access to advice for those on lower incomes”

    Lord Lipsey “Consumers in the middle (not high net worth or money guidance fodder) to be sold products by banks under the contradiction that is sales advice”

    Walter MerricksChief Ombudsman “I think it would be unwise to count on the assumption that complaints from the retail investment world are suddenly going to go down as a result (of the RDR)”

    Deutsch Bank reportAugust 2009 “There has been industry talk of 30% or even 50% if IFAs exiting the industry post 2012, which is not impossible”

    Paul Selly HBOS “Bancassurers set to benefit”

    Richard Howells Director Zurich LifeJune 2009 “The big question mark is still around what benefit it will have for the ultimate consumer.I am still not convinced that all of these changes, when you sit down with a consumer and explain them, actually give rise to a consumer benefit that I can really hang my hat on.”

    Martin Lewis Money Saving Expert June 2009 “There’s a worrying possibility that the FSA is about to kill off independent financial advice in the UK for all but the wealthy. I do hope I’m wrong. I’m not convinced most people will want to pay for advice. The commission route has the advantage that you don’t pay a fee each and every time you want information; you can go without the worry of laying out cash. What I find most galling though is that bank-based advisers – those primarily responsible for PPI misselling, endowment mis-selling, investment mis-selling and generally poor advice all round are still to be allowed to be remunerated based on the number of sales.”

    Janet Walford OBE, Editor Money Management Sept 2009: “I am not paranoid enough to believe that the FSA has a hidden agenda to do away with small IFAs, but the law of unitended consequences may well mean that this will be the result. This is especially the case when set alongside the myriad of other proposals that are costing some £430 million to set up, with ongoing fees of £40 million pa thereafter, a mind boggling amount of cash.

    Peter Hamilton barrister, Source: Money Management Oct 2009, Scrapping the FSA by Marie Jennings MBE: “The Financial Services and Markets Act does not permit the FSA to cancel an authorisation simply because the FSA has changed its views on what the appropriate qualifications should be….It is one thing to impose new rules for new entrants to the IFA profession, it is quite another thing to disqualify someone who is already qualified.”

    David Hazelton of Tax Incentivised Savings Association(TISA) 30/10/09: The RDR could be detrimental to consumers both in terms of higher product charges and an increase in the cost of advice, warns the Tax Incentivised Savings Association(TISA). Implementation costs for the RDR are being “seriously underestimated” and product charges will consequently have to be raised.

    Bankhall managing director David Golder 03/11/09: “We say write to the regulator, write to your MP. Do not let the FSA get away with some of the things that will lead to the widespread decimation of our industry.”

    Robert Kerr, head of retail distribution development at Scottish Widows says: The RDR could have the unintended consequence of “disenfranchising” the majority of consumers from financial advice . “Our key concern is the RDR proposals will act to drive advice upmarket, with financial advice becoming the preserve of the wealthy leaving mass-market consumers un-served,”

    Nigel Waterson Shadow pensions minister : “While no-one can object to raising the standards of training and competence, should an emphasis on exams take precedence over on-the-job training and experience? Is the 2012 implementation date practicable given the extra qualifications and changes in systems that will be required to be in place?

    Temple Bar IFA Ltd

  7. These new exams are tough and it will take a lot of time and effort out to take and pass them and in a lot of cases re sit them. I certainly think unless the FSA start to listen they will do irrepairable damage to the independent sector which comprises mainly of self employed consultants who do not have the cushion of a nice salaried position in a bank who will pay for everything and give them time off to study!! Sesame are spot on here.

  8. As IFA’s we are a lot to blame for the situation we now find ourselves in. You only have to look at the mistakes of the past to see that. However I do feel that in more recent times we have cleaned up our act, we’ve had to. The banks are only there to sell, they are a business and have to make money. But, hey, are we not also their to “sell”. Whether it be a product for which we get paid commission or whether it be for advice where we get paid a fee. We are still selling and the FSA need to understand that like any salesman we need to be remunerated for it.

  9. We are all missing the point here, the FSA will only be wound down once the banks have total control. Then all these rules and regulations will be relaxed to allow bank employed school leavers to advise the unaware population on how much completely unneeded cover they have to take out to get a bank loan. Just the same as Gordon removing advanced corporation tax for pensions 8 years ago, if The Sun cannot make a headline out of it the general public will be unaware of what has happened. We need to focus the media on this, Mail on Sunday to start with, give Mr Pest Ridge first go, then onwards towards The Sun. Headlines such as Finally Stuffed Advisers accompanied by a topless lady looking through the window of now closed IFA`s window should do the trick. Anyone game?

  10. There will be winners and losers from the RDR which has more twists than a Hitchcock movie.

    The Banks have mass, are on high streets, business banking centres as well as on the internet and they are being heavily subsidised by the state to exist and will be winners.

    I wonder whether the rest of us who shall have to meet high standards will all be losers as this is a very gloomy synopsis.

    Should the FSA remove commission subsidisation from Protection policies then they are striking at ordinary people protecting their famillies. Such a move would be dickensian as most who need such cover are not without money issues placing famillies and individuals in unrequired poverty.

    As Michel Platini said when he was asked how he felt after Germany knocked France out of the World Cup ‘the sun will shine tomorrow’ and it did for Terry Henry.

  11. All my feelings rolled into one. AT nearly 57 and having been in the business for over 30 years I must be one of 1000’s of hopefully good advisers who have looked after my clients as if they are family. Does the FSA not realise that with a bit of forethought all this stress could be avoided. I pay a Paraplanner to source and prepare my advice. Post full factfind. We then work together with our Sales Quality Reviewer to make sure we are on the right lines. My clients would not know if I were fully qulified or not but they do know that we back up our advice with a fully FSA compliant process. I do not deal with millionaires just everyday people who have everyday needs. We are in a recession FSA and its hard enough keeping our businesses going let alone having all this new pressure.

    The trouble is the FSA ARE TOTALLY OUT OF TOUCH. The high networth client accounts for a miniscule part of the market! I dont want to deal in this market. I like dealing with everyday people with everyday needs!

  12. To the commentator above who says: As IFA’s we are a lot to blame for the situation.

    I would point out that many of the so called misselling reviews were invented by retropsective regulation. Endowment shortfalls were in many cases caused by regulator driven LAUTRO projections and the use of surrender values (not fund values) to form the basis of the projection. Added to this millions and millions of alarmist warning letters and the application of todays rules to yesterdays selling. I could go on. If anything we need a misregulation review!

    So Mr IFA don’t be quick to accept the label the discredited regulators attatch to those they regulate.

  13. I wonder how recently advisers were polled on whetehr they are likely to leave the FS industry before 2013? The combination of increased capital adequacy, plus qualifications, plus a general market downturn menas that I have reassessed my plans and even though I am in my mid 40’s, having seen 20 years of continual changes in FS including stakeholder and simplification, I am not sure I have the stomach for more exams (and the costs in lost revenue) and the cheek to try and get an extra £20k on top of covering the revenue drop of studying out of my clients in 3 years, plus the fact that realistically I’ll have to ditch the vast majority of clients I have dealt with in the past and move towards high net worth clients as only they will be able to afford me.
    I spoke to my locum and he can’t cope with my clients as well as his own, plus mine are middle earners whilst his are mainly HNW, so what now?
    Where is the realistic cost benefit analysis for ANY of this?

  14. I agree with what John Blackmore has said, until we get the public to be encouraged to start savings we will always have a problem. Once upon a time… We had a market place called the Home Service traditional IB companies like the Pru, Pearl, Refuge, Utd Friendly, Co-op, etc etc the lower class of people who tended to use these type of companies had savings we called them endowments? Still they had an asset that could be cashed in, in times of financial hardship they didn’t turn to credit cards or expensive loans. They also had protection and were looked after sometimes by an adviser who they knew for 20, 30 or even 40 years. The advisers who worked for these companies back in the 80’s and early 90’s beleive it or not actually practiced TCF then so who did invent TCF it certainly wasn’t the FSA. Since the 90’s they have been working to an agenda to out the adviser from the community in favour of the Banks unless we all stand together we’ll all have to get a job in a Bank and then God help us all!!!

  15. And before you think the tories will get you off the hook (and vote for them) think again. Mark Hoban MP wants to rubbers stamp RDR lock stock and smoking IFA. The only power we have is a protest vote and the risk of a hung pariliament It seems that Hoban has more in common with Labour and the FSA than he does with the Tory party – go on ask him:

  16. I agree with the above comments nobody is looking jo public,since the FSA ruled the industry and they claim to be acting in the public interest?

  17. Well done Ivan Martin.
    A clear concise message.
    The FSA really must start listening.

  18. I work in the recruitment side of financial services and quite frankly I have never seen the industry in such a state of turmoil and depression. I meet with advisers every day right across the spectrum of the industry and I have never seen such a disillusioned group of people in quite some time. This situation harps back to the advent of regulation when many advisers threw in the towel and left the industry, the result of which was a population that became disenfranchised from financial advice the result of that being an enormous financial strain on the country to fund individuals who no longer had any insurance. Now we are at it again, I do believe 30% of advisers will leave the industry, I do not believe that the mainstream population will pay for advice and the consequence of this will be a financial system that is non-existent. Now if ever there was a time to ‘be like the French’ it is now, We seem to like to malign the french but lets face it do you think they would take this sitting down? Start voting with our feet, every single firm, network, national and support service along with our representative bodies should organise real activity on the ground, something which cannot be ignored either by the FSA, The Goverment or the media. All we get are meetings with AIFA and the FSA but nothing ever happens so lets start fighting for our industry instead of sitting back and letting it happen.


  19. I totally agree with Ivan’s comments. We are pushed and pulled in all directions. As an adviser of “ordinary” folk who are generally not high net worth, I worry that my clients will not approach me post RDR because they consider that they will not be able to afford me. They will then go to the banks and receive poor quality “advice” with expensive products. The real cost will be to the clients. I will have to shift my focus to higher net worth. Losers… clients overall.

  20. Why don’t one of the papers run a straw poll of advisors that intend to leave the industry, those that intend not to qualify and those that will not consider dealing with an individual unless they are going to earn a specific amount.

    As many have said the problem already exists without the RDR. How many people deal with regular premium pension plans for new clients now. You can’t earn anything if they are not prepared to pay a fee so why bother. We are not a charity and it is about time the FSA stopped seeing us that.

  21. Thank you Ivan Martin i recently joined Sesame if ever i needed confirmation why i did your article has provided it for me, these “educated idiots” who parade under the guise of setting better standards,should first of all set examination papers in a format and words that a client will use and that we do not have to spend a large proportion of limited examination time figuring out what has been asked. I have spent many years in this industry, early years advising and selling to young and old rich or poor, now as i approach my twilight days ( until 31st Dec 2010) i will continue to sell to young and old rich or poor because the young and poor WILL become older and richer, they may be able to afford a fee then but if they are not able they can look back to the FSA and thank them for putting them in a position of no advice, no money,no pension,inappropriate protection and no friendly adviser to talk to and advise them, because all that are going to be left are a few fee based advisers trying to cover the whole country probably by e mail, and more educated idiots waiting to leave university and get their claws into them.
    Ivan i wish you and the rest of the sensible people in our industry every success in blocking this most stupid attempt to destroy the “affordable advice” for those who need it and cannot afford to pay fees.

  22. Let me tell you this: There never has been and never will be a consultation over RDR because it is and always has been a done deal with the banks. Dan (the man with a plan) Walters has said so in not so many words. When the FSA say there has been a consultation what they mean is a templated website where they construct the questions designed to elicit on those answer they want to hear. They have tried to control the response and had the banks not fallen apart on their watch they might have got away with this RDR handover. There has however been one consultation, the FSA Petition where unlike the FSA consultations real opinions and views have been spoken. Today 2,630 IFA’s and supporters have spoken out and said they believe FSA policies have and will prove disastrous to both businesses and consumers alike – If you have not yet signed this petition then I beg you as an IFA who wants a future in UK financial services you must:

  23. For undemocratic reasons and for motives not of State, they arrive at their conclusions – largely inarticulate. Being void of self-expression they confide their views to none; but sometimes in a smoking room, one learns why things were done.

    Rudyard Kipling

  24. “Much of the social history of the Western world, over the past three decades, has been a history of replacing what has worked with what sounded good. In area after area – crime, education, housing, race relations – the situation has gotten worse after the bright new theories were put into operation. The amazing thing is that this history of failure and disaster has neither discouraged the social engineers nor discredited them.” –

    Thomas Sowell

  25. “The history of liberty is the history of the limitation of government power, not the increase of it because the concentration of power is what always precedes the destruction of human liberties”. – US President, Woodrow Wilson (1912-1920)

  26. These has been on the cards for years.

    Any adviser who isn’t yet properly qualified should stop whinging and get studying.

  27. I must thank Mr Mansell for his imput, there are still a few people willing to speak-out, Janet Walford also has an excellent track record, re the case for good IFA’s.

    However I am concerned that AIFA, which I believe represents 80 to 85% of the IFA community via its membership has been weak in giving ‘bite’ to the IFA’s point of view.

    Perhaps a potential withdrawal from this organization would focus the objectives that IFA’s want hammered home.

    A fresh questionnaire for all the membership should be sent which would give up-to-date feedback for AIFA to present both to the Goverment and Shadow Cabinent to help influence policy discisions going forward.

    To date the RDR process should have been re-named GBP, ‘Giving Banks Preference’, their powerful lobbying works.

    They have been masters, indirectly, of keeping their opponents so busy (the IFA community), and then saying there has to be a set of rules for the IFA’s and then the Banks want ‘light touch’ regulation with a quasi-adviser status to feed their business model, which is mass distribution, cross-selling, and cross-subsidized, and has the financial clout to play the percentage game when paying out for claims reference bad advice, while the IFA community will be so small and weakened that the clients will not be able to seek Independent advice, at an affordable cost.

    The only area that the FSA have not addressed to date is ‘TIFAF’ – ‘Treating Independent Financial Advisers Fairly’ and its time the relevant representitives got behind this principle.

    I would be interested to see the shortlist that the IFA community would now state as the IFA’s ‘Key Objectives’ as RDR approaches.

  28. Greg Spiller (Director) 2nd December 2009 at 8:28 pm

    Having been in this business for 29yrs I cannott believe some common sense is not being applied in relation to the timescale of RDR introduction. Is it not wiser to try to influence the outcome of the European leglislation coming in 2014, and then decide what changes are finally required because they are very likely to impact on RDR rules and regulations. The training period can then be extended to gain extra qualifications if needed and this will allow us extremly busy IFA’s to manage the process without impacting on service to our clients. The public our clients, are not aware of the impact these changes are going to have on them relating to access to Independent financial advice going forward. I believe the public our clients should be properly consulted and made aware of what impact any new legislation wheather it be RDR or EU will have on them before it is brought into force. Based on my experience they dont understand the implications for them as well as ourselves. Finally should we not treat the public our customers fairly and let them have input and influence into the very serious changes we face. It is not to late perhaps for us to allow commomsense to prevail, why score an own goal when it can be avoided, lets be wise before the event not after.

  29. As a guest at Sesame’s symposium (a very pleasant event), I can fully agree with Ivan Martin’s comments.

    All these comments about negativity is getting rather dull – just look at some facts:

    1. the reason why there is a lack of savings culture is because people want to live for today: there is a fundamental disintegration of values.

    2. RDR will make our industry the most regulated, and respectABLE profession, even above accountants andr solicitors.

    3. removal of factoring is a natural selective process: its problems outweigh the benefits…the only benefit being a presumption that we can create a savings culture – we have not done so and will not be able to do so. especially if it goes fee only. factoring had its time and it gave us a terrible name, remove it and get on with it.

    4. the model proposed by Martin Bamford will aide the natural selection where people, who otherwise can’t afford fees, can make informed choices. For that, there has to be a simplified system where new savers pay little until they qualify as financial planner’s clients.

    So all this having a go at the FSA is becoming boring. That is the way things are going to be and we can’t change it. The end result will be a much better and respected profession – one that inspires youngsters to join.

  30. The FSA exists to serve the interests of the major players and is more than happy to see the end of independent competition. It is an instrument of a socialist state that does not like free enterprise, just monolithic centrally controlled organisations. The future is plain to see.

  31. kill off uk financial services 2nd December 2009 at 10:35 pm

    does the fsa even care what the british public can access in terms of advise.
    if they did then there would have been proper research done to see what all these changes will have, in the short and long term.
    advisers do not have confidence in the fsa, neither do consumers. the only people who think the fsa is worth its keep is the labour party (a bunch of headless chickens) who messed up the country and this will take years to clear the mess

  32. Why don’t we all just stop paying our FSA fees for a little while until the FSA is prepared to see reason. We need a co-ordinated stand, IFAs, networks and pro-IFA product providers, suspend FSA support.

    I could put any funds towards my exam costs or building up capital adequacy.

    I’m pretty sure my cashflow could outlast the FSA in a fair fight (aren’t they bust already) but of course they would chicken out and get government funding.

  33. Chartered Financial Planner working for tied compa 3rd December 2009 at 9:33 am

    I’m at the ‘lousy-end’ of the advice spectrum according to most columnists here – my choice as I know the company I work for does TCF. Incidentally we still see a lot of IFA-led ‘lack of advice’ in wills, shareholder agreements/partnership planning, National Savings, Stakeholder pensions (why have so many people got expensive SIPPs) and anything else that doesn’t provide commission. I’m confused why Banks are winners here?… if the regulations go through then banks have to charge for advice – and this needs to be proportionate to the cost of providing this advice, they have to turn this advice charge off if the clients don’t want it, and can’t ‘cross subsidisde’ to hide their cost base. I can tell you we are taking this very seriously and need to re-engineer our business to deal with Adviser charging

  34. The FSA alongwith the banks are a law unto themselves.(RBS a prime example) They don’t listen to the Independent voice of the industry and as such will be told what to do by bankassurers to ensure that the british public are hearded into the high street and get totally wrong advice because the bonus structure, which stinks ten times more than ‘commission’. I can’t count how many times I have had to salvage clients from banking errors that if not corrected would lead to a catastrophe, but not a complaint because they, the banks, are immune and protected. Unless our industry is protected then once again the banks will cause chaos and unfortunately there won’t be many IFA’s to save the public.

  35. John Blackmore, above, suggests that IFA numbers will reduce by 30%. I understand that the FSA have already said that if they don’t reduce IFA numbers by 30% they believe that they will have failed!

  36. FSA has warned that the Seesame is risking causing an RDR “advice crunch”, preventing millions of advisers from easily accessing financial consumers.

    Speaking at the Seesame Saleathon in Moss Side yesterday, Seesame Bankhill Group executive chairman Ivor Matin said Seesame could create a “crisis” through the RDR.

    He said: “I believe that if Seesame doesn’t take the genuine concerns of the IFA community seriously, and soon, it risks leaving a legacy that will needlessly jeopardise the ability of millions of advisers to benefit from professional consumers. It will create a crisis all of its own; a consumer crunch, at the precise moment when advisers need consumers more than ever before.
    “Never mind the credit crunch, Seesame is risking a consumer crunch.”

    Matin said Seesame backs the transition to higher standards, but only if it is through “commonsense, sensible and pragmatic measures, for other people, NOT US”.

    He reiterated calls for the timeline for QCF level four qualifications to be extended and for factoring to be allowed under the RDR. Suggesting a thousand years or preferably until hell freezeth over.

    He said Seesame will be working closely with Aifa to put forward further RDR measures to the FSA. In a blatant attempt to stall progress for as long as possible, certainly until Ivor has trousered his bonus or got a job somewhere with prospects, maybe like that chap who went to openwork.

    He also called for Seesame to be charged with establishing and maintaining a savings culture in the UK.

    Matin said: “I’m going to use this stage to suggest that Seesame be given a new statutory objective ( or failing that to get another job when this all falls apart. An objective that ranks equal alongside long lunches, schmoozing future bosses and pocketing any freebies going from Insurance companies. I believe Seesame should have the objective of establishing and maintaining a savings culture in this country. We will only charge 7% for the bond to put it in”

  37. Your comments are very welcome Ivan. It is good to see that you and others are increasingly sharing the concerns I have been expressing for the last 2 or 3 years about the impact and unintended consequences of the RDR.

    What is needed is a pragmatatic approach to the transition which does not deprive countless numbers of clients of access to their trusted adviser.

    We should apply the new requirements to new entrants and reward existing advisers who also achieve them, for example by a discount on their FSA fee whilst enabling current advisers of good standing to continue to practice.

    Not rocket science – simply common sence.

  38. Why waste your breath on all of this in public?

    This is no substitute for effective engagement.

    The likes of John Blackmore are not a help, they are a hinderance.

  39. We see the market evolving where IFA’s focus on maintaining the relationship with the client and their money be managed on platforms like TAM Asset Management. In our view this is a win win. The client wins and has transparent access to all reporting and relevant information and the IFA maintains a compliant, more simplified relationship with his/her clients.

  40. I am diploma qualified (although I expect that I will have gaps that require the ‘structured CPD’ approach being discussed) to fill the new level 4 requirements. I have known about the RDR for at least two years and it doesn’t bite for another three. That’s five years – even if I only had FPC 1,2 and 3 I would still only need to take 5 exams. One per year. My experiance of the diploma exams is that they require less study hours than the CII states so it is not much to get qualified as I have done. If IFAs spent less time moaning and more time studying they would all be well on their way by now.

    Of course, this says nothing about the impact on affordable advice for the ‘masses’, which is a separate issue altogether. Fortunately, these are not my clients.

  41. Anonymous 3 Dec 8:42 pm

    I know why I post in public – I would like to see positive change. The is also the reason why I have submitted evidence to the house of Lords, to the FSA on several occasions and to the house of commons.

    why do you post ? why do you post and hide behind anonymous ? and what do you mean by
    effective engagement ? I’m struggling to see the purpose of your post

  42. I have to agree once again with John Blackmore’s comments about the anon blogger at 8.42, I would in fact go further to say by posting anon you show yourself to be a person of no principles if you wish to criticise an individual publicly while posting anon. It is these sort of posts that MM should remove immediately.
    With regard the other anon Anonymous | 4 Dec 2009 12:08 pm, I actually agree with you, if I moaned less about the FSA, I would have much more time to study, I have started my diploma and could/can complete it by 2013, but if we are going to be forced out of the IFA market using mutliple attack routes/methods, all over teh same period, there these is little point wasting time and money. On the other hand, if the FSA actually listened more to people like Ivan, Ken Davy, Alan Lakey, Simon Mansell etc, I would not need to be as vociferous on behalf of my clients and my staff…..

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