1/3/07: Are wrap rules necessary given concerns advisers might overstep their authorisation?

IFAs have shown overwhelming support for new guidelines making it harder to breach wrap rules. Many think the Institute of Financial Planning’s proposal to issue advice, via the FSA, is important to tackle the rare “cowboy” advisers and to ensure they are not tempted to carry out procedures outside of the scope of their qualifications. However, our survey saw 4pc of IFAs holding their hands up to having breached wrap guidelines in the past. A huge 72pc of the Professional Adviser Panel thought issuing advice to prevent IFAs overstepping their authorisation boundaries was necessary ...