View more on these topics

Sofa is sole supporter

Sofa has welcomed many of the FSA&#39s ideas for shaking up the polarisation regime.

The professional body is the only one of the main bodies representing IFAs so far to view CP121 publicly as a positive move.

In its response, it says as long as the necessary structures are in place to ensure the different tiers of advice have adequate qualifications, there is no problem with compelling IFAs to work on a fee basis.

In terms of qualifications, it believes that IFAs should reach the standard of the Advanced Financial Planning Certificate advocated by rival professional body the Institute of Financial Planning but recognises there may be a need for transitional measures to encourage their move in that direction.

Sofa says there are opportunities available in the concept of a generic adviser, calling it”a major benefit to the industry as a whole that could be perceived as the entry point for advisers who will be able to see a clear and valued career path”.

There is one note of hesitation in Sofa&#39s response when it says the proposals run the danger of differentiating the types of advice just through price.

It says: “We need to ensure the determining factor for consumers in seeking appropriate financial advice and products will not just be price, as is the danger with the proposals for remuneration controls applying to IFAs but not the other advisory options.”

Recommended

Sofa only professional body to welcome CP121

Sofa has welcomed many of the FSA&#39s ideas for shaking up the polarisation regime. The professional body is the only one of the five representing IFAs to so far publicly view CP121 as a positive move.In its response, it says as long as the necessary structures are in place to ensure the different tiers of […]

An agenda for health

Head of sales and marketing, Standard Life HealthcareThere is not one person working anywhere in the financial services industry who is unaffected by the Budget announcements regarding Nat-ional Insurance increases and healthcare funding.At a commercial level, it is impossible to carry out full financial planning without at least a nod in the direction of healthcare […]

Andrew Merricks

Born: December 25, 1959, in Purley, South London.Age: 42.Lives: Hove, East Sussex, with his three children.Education: BEd honours, Brighton Polytechnic.Career: 1982/85 physical education teacher; 1985/90 financial adviser, Guardian Royal Exchange; 1990-present partner, Simpsons of Brighton.Life ambition: “To get to number one with World Cup single Better Than U, earn enough to retire and go horse […]

Long-term protection

While incapacity benefit has been increased for the financial year 2002/03, the new rate for long-term incapacity set at £70.95 per week represents a meagre 17 per cent of the national average weekly wage of £418.This is one of many significant factors influencing attitudes towards state benefits. The Mintel Financial Intelligence report January 2002 shows […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment