Former AIFA deputy director general Fay Goddard is calling on the FSA to ensure terminology used to define the types of financial advice available to consumers is "clear and meaningful".
Speaking at an RDR Question Time event hosted by the Personal Finance Society (PFS), Goddard says the regulator must strive for simplicity, adding the current titles are "meaningless" to consumers. Under the latest proposals in the Retail Distribution Review (RDR), the FSA proposed introducing a 'sales advice' category for tied and multi-tied advisers to sit alongside 'independent advice'. The proposals angered some advisers who argue the word 'advice' should not be attributed to individuals with provider bias. "It is important we have meaning," Goddard, now PFS chief executive, says....
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
