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Tuesday November 21st, 2017 

News Archive - April 2012

More confusion for people seeking advice.

30/04/2012

The system of regulation for advisers in the UK is changing again. In some ways this is a good thing. From the start of 2013, a higher level of written qualification will be required before a person is accredited as a financial adviser. Obviously, this should benefit customers, who in theory will be dealing with more competent and better qualified advisers. Howver, it will lead to many older advisers relinquishing their advisory status at the end of 2012.

A major problem for me is the naming of the new advisory statuses. In order to retain the title of 'Independent', an adviser must in future be prepared to advise across the whole range of financial options, including unregulated schemes. If an adviser prefers not to deal in these areas, which tend to be more suited to high net worth individuals, then they must use the title 'Restricted whole of market', which would still mean that they looked at the entire market when it came to mainstream products like pensions and annuities.

As well as being nonsensical and contradictory, the title of 'restricted whole of market' is likely to be offputting to potential clients.What our regulators don't seem to grasp is that there are many factors that deter people from getting financial advice which could potentially have huge benefits for them. Sadly, this new regulatory change could be putting yet another barrier in their way.


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