Firms warned over 'lay advocate' roles for unqualified IFAs

Bristol-based Sovereign IFA and Glasgow firm Intelligent Pensions are set to offer existing IFAs non-advisory roles in which they introduce their clients to the business and then support them through the transition to their new adviser. It is a means by which IFAs who do not wish to meet the RDR's new QCF Level 4 minimum qualification requirements can stay in the industry. It also allows firms acquiring businesses or the client banks of retiring IFAs to welcome their new customers by presenting them with a familiar face. Lay advocates, who will sit in on meetings and be clients' po...