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‘Whistleblow on bad advice’

Personal Finance Society chief executive Tim Eadon says advisers should whistleblow on firms that are not acting in a professional manner.

Speaking at Adviser Live 2008 at Olympia in London last week, Eadon said it would help to maintain the integrity of the profession if advisers reported to the FSA where clients have had bad experiences with other firms.

Eadon said: “Are we, by implication, condoning that behaviour if we do not report it or whistleblow? In other professions, you would be expected to do that.

“Let us get some high-profile names out there that are not doing things right. We want people to know that we are kicking out advisers who are no good. We get measured by our lowest common denominator which is unfair.”

He also claimed that financial advice is not yet seen as a profession because less than half of advisers belong to a professional body.

Aifa deputy director general Fay Goddard said the FSA must work to prevent “a ghetto” emerging under the RDR proposals where the mass market is predominantly serviced by salespeopleShe said: “Will advice be restricted to wealthy people? The holy grail would be a professional sales regime. If you could have a money guidance service that people trusted, it could be a back-door way of getting people into the advice process.”

Institute of Financial Planning chief executive Nick Cann said: “We were disappointed with certain aspects of the RDR. We thought that the original proposals were taking the IFA world forward. We still believe the FSA should be looking at defining financial planning as a separate category to general advice.”


Nationwide slices rates on fixed deals

Nationwide is cutting some of its fixed-rate loans by up to 0.3 per cent from May 16, including two-year fixed, two-year fixed without fee and two-year remortgage.

Reform the fos to bring justice

As part of Lord Hunt’s independent review of the Financial Ombudsman Service, he was asked to consider whether the FOS should do more to increase its visibility and accessibility to those it is designed to serve.

‘How to…audit your auto-enrolment scheme compliance’

Avoid pension penalties with our auto-enrolment checklist

According to the Pensions Regulator’s annual commentary and analysis report released this month, 785 potential non-compliance cases were referred for investigation, with 23 auto-enrolment compliance notices issued. And they predict that the use of their statutory powers is only going to increase.


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