Advisers hit back at FSA on distribution

Speaking at the PIMA conference last week, Bruce Robson, manager of the asset management sector at the FSA, said the retail distribution model was unreliable, untrustworthy and failed to establish long-term relationships with its in-built encouragement to churn. Many advisers have reacted in anger to Robson’s comments and argue a move to a fee-based distribution model would not work in reality. Alan Lakey, partner at Highclere Financial Services, says he is extremely concerned about the FSA’s emphasis on fee-based advice, as he believes it will push IFAs out of the marketplace and exacer...