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Time someone put FSA right

I read with interest the polarisation Q&A article in Money Marketing.

One statement of Mr Severn&#39s highlighted to me the main problem we have as IFAs.

He was reported to have used the phrase: “When an IFA sells a packaged prod-uct…” Doesn&#39t he know that IFAs don&#39t or should not sell products? I am an IFA and I explain to my clients that I advise only on the products I consider they should buy (from the provider) and as I do all the admin of this on the client&#39s behalf, the provider will pay me a commission from their money by way of normal fund or policy charges.

At the time of paying the commission to me, the provider is agent to the client. Level commission rates per product will ensure no bias by IFAs. The FSA seem to be under the general misapprehension that IFAs sell the products to the clients.

No wonder we are having all these problems with the CP121 document. Can someone put them right on this or shall I?

Derek Vivian

The Ethical Partnership,

Whyteleafe,Surrey

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