Threesixty is urging IFAs to respond to the retail distribution review and warns they should not dismiss it as merely a discussion document.
The support service firm says the FSA’s proposals will bring unprecedented change to the IFA sector. A market report, unveiled at the group’s annual conference in London last week, says: “The RDR cannot be dismissed as simply being a discussion paper. It must be responded to, after careful consideration, in order to ensure the eventual consultation pro-cess starts somewhat closer to a realistic position, with the views of the most successful advice channel fully represented.”
Threesixty says it agrees with the concept of customeragreed remuneration and the need to raise professional standards but opposes the proposal that only advisers holding advanced qualifications can use the independent tag.
The report says: “The suggestion that only those meeting qualification benchmarks should be able to describe themselves as independent is not one we can support. Still worse is the idea that the existing whole of market requirement should be removed in favour of a qualification benchmark.”