Many of you may not be aware that the Financial Services Authority have issued a consultation paper that proposes that choice be removed for consumers who wish to seek independent financial advice. They are proposing that people will be forced to paying a fee for independent advice and only be able to seek alternative ways of paying their adviser by say commission if they see an adviser who is only allowed to advise on or sell one or a few companies.
See SAVE Independent Advice. Spanner in the FSA works
An EU proposal has suggested that they broaden the term "independent" to allow for other advisers as well as fee charging only advisers. This has been heralded by the Association of IFAs as a "major negotiating triumph".
The EU's directive was published on the 25 March and in our opinion is a welcome twist in the debate. We will watch the FSAs response with interest.
Tell us what you think. Would you like flexibility to choose how your adviser is paid or would you just like to work on a fee basis?