In response to the Financial Services Authority's proposals to change the ways Independent Financial Advisers (IFA), such as ourselves, and force them to charge fees rather than having the option to take commission or re-invest commissions. Philip Scott, chief executive of Norwich Union, has predicted that the market share of people seeking independent advice will fall from the current levels at 60% to as low as 20%.
In another report by H2B, they predicted that IFA numbers could fall to below 500 out of the current 26,000 or so firms.
Our View
It is critical that you, the consumer, should have the ability and choice to be able to seek independent advice when you need it and to decide how and when you advice is paid for.
See our feature: Independent Advice Jeopardy.