Anger is one of the commonest words that can be used to describe the IFA reaction to proposed change...
Anger is one of the commonest words that can be used to describe the IFA reaction to proposed changes to polarisation.
Many comments on our discussion board, much like this one, reflect the serious concerns intermediaries have for their industry yet the general belief is the FSA is unlikely to listen unless the comments roll into their thousands.
So here are a few tips posted on a discussion board from a fellow IFA at Pheonix explaining what you could do to get your voice heard.
The FSA report into consumers and their use of financial advisers is not representative of the UK population as it based upon the views of 613.4 PEOPLE.
I looked at the research underpinning CP121, and the results are stunning:
Only three research companies were used - NOP, IFF and ORC.
NOP spoke to 1905 people, only 28% of whom had used a financial adviser (tied or IFA) in the past year - that's 533.4 people who could even comment constructively.
And it gets better. IFF based their research on only 60 interviews.
It gets better again.
ORC, who produced the research on probably the most contentious areas "Potential Purchasers" and "Fees and Commission" based their research on? Go on Guess? 20 interviews!
SO, MILLIONS OF POUNDS WILL BE SPENT WITH A DIRECT IMPACT ON 70,000 FINANCIAL ADVISERS, 24,000 OF WHICH ARE INDEPENDENT, BASED UPON THE VIEWS OF 613.4 PEOPLE, LESS THAN 0.001% OF THE POULATION!
If you don't believe me - go to www.fsa.gov.uk/pubs/consumer-research/pol_res3.pdf
This is "YOUR" livelihood get on the web and make your views known AND FORWARD THIS TO FELLOW IFAS WHO MAY HAVE THEIR HEAD IN THE SAND.
Educate your MP who is obliged to represent your wishes. His e-mail will be on the House of Parliament web site.
My fear is that we have an unelected quango falsely claiming research validity to its findings when it is running to its own hidden agenda. 24000 IFA could never match up to the opinions of 613.4 people. As an IFA under threat use this material - cut, paste, duplicate and disseminate.
HL and Liberty SIPP slowest
Lifetime and annual allowances
'IFAs bore the brunt'
'Recovery or boom'