The introduction of a generic advice service combined with the retail distribution review could change the regulatory landscape to allow IFAs to ‘focus' their advice and not have to complete unnecessary paperwork, according to the FSCP.
Speaking at the Resolution Foundation’s conference ‘Generic Financial Advice: From Vision to Reality’, John Howard, chairman of the Financial Services Consumer Panel, says one of the key areas of the new system to address will be how it fits in with the current advice market. He says one of the important issues will be who the generic advice service ‘hands off’ the customers too, as he warns there’s a risk people will be sent out into the marketplace and be confronted with an overwhelming amount of qualifications and advice. As a result, he says the retail distribution review being carr...
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