The Institute of Financial Planning (IFP) is in discussions with the regulator about drawing up a definitive list of possible conflict of interest scenarios that crop up during the advice and planning process.
The aim is to help firms identify, manage and eventually disclose the conflicts, with the ultimate objective of boosting public trust in financial advice. Potential conflicts according to the IFP include advising both parties when a couple is set to divorce, and setting a plan for a client with existing savings and investments while operating a contingent fee remuneration model. The result will be a database upon which all firms and advisers could call to improve their practices. IFP chief executive Steve Gazzard told Professional Adviser: "We're trying to work with the regulator o...
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