The article headlined, CII believes chartered status could boost IFAs (Money Marketing, August 7), is a typical symptom of the problems caused when Sir Mark Weinberg started calling his life insurance and pension salesmen “financial advisers” many years ago.
I am sure that the CII did not actually say that, as Sofa is not restricted to IFAs alone.
Chartered status for Sofa would add further to the confusion that already reigns as a result of the term financial adviser implying a degree of independence.
It frequently misleads consumers into feeling that the financial adviser they are talking to is acting on their behalf. Very convenient for the high-pressure sales organisations, especially the bancassurers.
I would strongly recommend that any move to establish chartered status for “financial advisers” is strictly limited to independent financial advisers.
Simplification and clarification of all the terminology used in our industry should be the common goal.
Andrew Dickson Andrew Dickson Independent Financial Advisers, Eye, Suffolk