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Too much paperwork

Yesterday evening, I visited a client to arrange a Pep transfer and some fresh investments into an Isa and a unit trust.

I had to take my client through a new terms of business (we are now on version 10, with version 11 waiting approval from our network), the payment menu, compile a fact-find, give her three sets of key features documents, a fund and charge guide, a risk matrix and secure her signature in four places on three application forms. This will be followed up by about 20 pages of text to document my recommendations.

Her reaction? Oh God, all this paperwork. I can’t cope with it. How much, if any, of it is she likely to read? Virtually none. She trusts me. But hey, this is the FSA’s idea of the benefits of consumer education.

Talk about no longer being able to see the wood for the trees. Whatever happened to common sense?

Julian StevensWDS IFAs Bristol


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