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Temple stresses importance of clear distinction

A clear distinction between an intermediary advising on the whole of the market and a multi-tied adviser is the key to a level playing field for financial services, according to RJ Temple.

It argues it is more important for consumers to understand the difference between whole of market and tied advice than whether an adviser is paid by commission or fees.

Temple asks the FSA to ensure that if CP121 is adopted, advisers who choose to accept commission and drop “independent” from their title should be allowed to continue to receive referrals from professional introducers such as solicitors and accountants.

It wants clarification on whether an IFA will be able to refer a client who does not want to pay fees to an AFA and vice versa, either within or outside the same group of companies.

Temple voices concerns over the plans for two tiers of advice. It wants IFAs advising on products deemed suitable for advice from paraplanners to be subject to the same limited compliance regime for those products.

Communications manager Liz Walkington says: “If a second tier of advice is being given by the Citizens&#39 Advice Bureau or other paraplanner, IFAs must be guaranteed the same fast-track regime for those products to ensure a level paying field.”

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Neptune video: Europe — banking on a recovery

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