Independent advisers are being blamed for the failings of fund managers and have become scapegoats for the industry's problems, Applewood Wealth Management's Karl Hartey says.
The company's managing director says the raft of FSA fines in recent months, and particularly the decision by the FSCS to levy advisers for the failings of Keydata, are a testament to his theory the adviser community has become an "easy target" for the regulators. "We [IFAs] are just low-hanging fruit," he says. "An adviser can be fined for the failings of a fund manager and this is not fair. Fund managers always seem to get away with fiddling the system - but they are the people who make or lose money." "We have nothing to do with the failings of some companies. We are not stockp...
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