The financial advice industry should contain only one adviser role with a clear distinction between advice and sales, according to Lincoln Financial Group.
The firm says the potential introduction of four adviser posts suggested in the Retail Distribution Review (RDR) and the Thoresen Review would be confusing for consumers. In addition, Lincoln says the proposed Customer Agreed Remuneration (CAR) model must be “completely transparent” to ensure consumers know what they are paying for. Ian Noble, head of life sales and development at Lincoln, says the advice outlined in the RDR, which comprises Professional Financial Planners (PFPs) and General Financial Advisers (GFAs), will be confusing to consumers who “are likely to see GFAs as lesser ad...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes