The Treasury Select Committee's report into the long-term savings so far to suggest the very existence of IFAs may hinder rather than help improve consumer confidence in long-term products.
As well as bashing the Association of IFAs for its lack of member code of ethics, the TSC questions what assistance IFAs may actually provide to solving the long-term savings crisis, and broadly called for tough new measures to impose transparency on the earnings of IFAs and their businesses. The problem starts, the Committee says, with the very existence of IFAs, who act as barrier to relationships between providers and end clients, while the existence of independent advisers does nothing to solve the “advice gap” between those at the top end of earnings – served by IFAs – and those at ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
