Is IFA record-keepingof a sufficiently high standard?
“I can only speak for myself but as far as I am concerned I keep hard copies and computer files of all my client records but yes I believe most IFAs have a high standard of record-keeping.”
Ian Burns,Coburn Financial Services
“If anything, we go overboard and keep records of every correspondence with clients but my gut feeling is that the majority of the industry does not do things this way. I think there is a lot the FSA can do to increase standards.”
David Cox Co-operative Bank Financial Advisers
Yes, but it depends what regime you are under. We are with Sesame and we have to dot all the i's and cross all the t's.
Peter Hoar,Gosforth Financial Management
Yes, in my office, beyond that, I don't know.
Robert Smith,The Mayfair Consultancy
Maybe. In today's litigious atmosphere, many IFAs' record-keeping is not as good as it needs to be to fight a legal claim.
John Mayhead,John Mayhead & Associates
“I don't know if they are across all IFAs, I know mine are. But how does anyone know what they are in general unless they do a survey?” Bert Corcoran,BC Associates.
“I think that the record-keeping is appalling and inadequate and I think it leads to more complaints than is good for the industry. I think that IFAs are lazy, under qualified and its time they acted more professionally.”
Don't know 55%