Representatives of IFA network DBS Financial Management will attend the London Society of Chartered ...
Representatives of IFA network DBS Financial Management will attend the London Society of Chartered Accountants financial planning conference on Tuesday and fight the corner of financial intermediaries at which IFAs will be labelled as having "low ethical standards".
DBS has dispelled suggestions by the LSCA that it is one of the key sponsors at the conference which is expected to be highly critical of IFAs, however, representatives say they are now pleased to be attending so they can put right any criticisms speakers might have.
IFAonline reported earlier this week that David Rangeley, chairman of the LSCA conference, will tell delegates on November 6 chartered accountants will become the main source of financial advice within the next five years because they have higher ethical standards than anyone else.
Rangeley is expected to say: "Chartered accountants who give financial advice are required to have integrity and be objective and independent. Not only are we highly qualified but we have to maintain high professional working ethics. Few people offering financial advice are as well placed as [chartered accountants] to satisfy this criteria.
"It's good that w are involved in this conference, so that we can correct these incredible misconceptions," says Sue Lewis, spokeswoman for DBS.
IFAs have expressed their outrage to IFAonline at Rangeley's comments, with many advisers questioning whether chartered accountants are willing to meet the stringent FSA compliance requirements now placed on intermediaries.
Officials had originally decided to attend the conference in a bid to build greater partnership links with chartered accountants on behalf of its members, says Lewis.
IFAonline will be attending the LSCA conference on Tuesday to gather all the latest news and discussion.
To see those comments from the IFA sector, login and click thru to the "Industry Issues" discussion board in the Opinions section.
‘Important to have an anchor’
Lack of innovation for solutions
Some 2,000 consumers affected
Achievements, charity work and other happy snippets