Generic advice should be an IFA responsibility - CAB

Citing the success of its recent generic advice trial with 30 IFAs, the CAB says there is a need for a national GFA provision and argues advisers are ideally suited to carry it out. Current plans for GFA will see consumers have access to advice on the more straightforward aspects of financial services, such as how to open a bank account. Proposals suggested in the Thoresen Review of Generic Financial Advice will see trained individuals, not IFAs, offering the service either online, face-to-face or by telephone. But the CAB says IFAs might have to be prepared to take on the extra workload...