Why one IFA director thinks the world of compliance checking needs an overhaul...
The problem with compliance, as Brett Davidson so succinctly puts it, is that "only advisers using charging systems designed 300 years ago by product manufacturers think they have to work for free." And therein lies the crux of the matter. Our whole industry has been set up by product providers to sell products, a system designed back in the "good old days". Don't get me wrong, I know it was successful, but this has meant that the sales process is set up to do just that. Which then means that compliance checking, with all the monitoring, measuring, Ts & Cs, even professional indemnity...
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