IFAs will not be able to use 'basic advice' regime - AIFA

The FSA is to consult on proposals to introduce a simpler and lower-cost advice regime for consumers wishing to invest in stakeholder products. To make the advice process as simple as possible for the basic adviser, the FSA suggests the range offered should be restricted to one of each product type. Basic advisers will therefore not be able to say they are offering ‘whole of market’ advice. The FSA states: "A firm will not be able, when offering basic advice, to describe itself as offering ‘whole of market’ advice, even if its full advice service is offered on that basis, because t...