Well, it's been a busy old week or so. Not only has the FSA been pretty busy with a series of discussion papers but there's been a whole lot of nonsense spoken on the back of the paper chase.
It is at times like this that I come to despair at the remarks of some commentators. Not only have we seen a ludicrous amount of self-interested posturising but we also seem to have a number of people displaying Triassic tendencies.
When is this industry going to accept that the world and society has moved on and that the demands on providers and advisers are quite different from those of 20 years ago?
It seems to me that in the RDR and the wrap discussion paper the FSA has really only laid out a framework for governing the market that will emerge from the changes that are already occurring in the market.
It is entirely clear to me that a financial adviser can either sell products on behalf or a provider or buy services on behalf of his or her client; there really is no middle ground.
The days of individuals masquerading as advisers while really acting as salespeople will soon be in the past and I for one will be delighted. The game is up for those with a legacy mindset and it’s time to move on.
While I’m here I can’t help but pass comment on the delirious remarks regarding IFA ownership of wrap platforms.
Despite the delirious mutterings of a couple of competitors we are entirely relaxed and indeed completely support the FSA’s thoughts in this area – I think we’ll start to get worried about it on the same day that the FSA demands that Hargreaves Lansdown gives its Vantage platform to Standard Life for free!
More seriously it is entirely rational that advisers are fully mindful of the various costs and other factors relating to platform selection and are able to approach their clients confident that they are recommending absolutely the most appropriate solution.
All in all I think the FSA is to be congratulated on making a fair assessment of where the market is heading and responding accordingly.
David Ferguson is chief executive of Nucleus
The views expressed in this article are those of its author and do not necessarily represent those of IFAonline or any other Incisive Media affiliated publication or website.IFAonline
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