IFAs are just salesmen, suggests Balls

In his address to the Association of British Insurers (ABI) Saver Summit yesterday, the economic secretary to the Treasury said he welcomed the FSA’s review of the distribution model and supported Clive Briault, managing director of retail markets at the FSA in his assertion that the current business model “does not work well”. Balls said: “Advice should be the bridge between consumers and a complex market. As Clive noted, however, the current business model does not work well. I very much welcome the FSA’s review, particularly its broad scope and willingness to tackle some difficult ques...