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What advisers think of Sandler – Thomas Financial Planning

IFA Thomas Financial Planning warns against the introduction of multi-ties in its response to the Sandler review, claiming that they would only benefit providers which want to increase sales of unsuitable products from their tied agents.

Principal Philip Thomas says it is clear that there is a lack of co-ordination among the Government and regulators because of the the multiplicity of industry reviews.

Thomas rejects the claim that higher commission rates may lead to product bias, saying providers do not offer higher levels of remuneration to individual IFA firms but to tied salesforces and networks instead.

Thomas says direct selling should be banned if financial products are so complicated that consumers do not understand them.

The fact that off-the-page selling is still allowed indicates that consumers are more literate than the Sandler consultation paper appreciates, he says.

Thomas says: “Academics and bureaucrats who support the abolition of polarisation are naive if they believe that support for their proposals from within the financial services industry comes from anywhere other than those vested interests who would benefit from a weakening of consumer protection.”

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Neptune video: Indian valuations and Modi’s pro-investment agenda

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