It will be proposed that adviser’s could advise on one aspect, rather than cover a complete range of products. You would be advised on how to invest an inheritance, but not about life cover. It is believed that these proposals would open the market, but can you put financial advice in separate boxes?
Our view
This is utter twaddle! To offer complete financial advice, you have to cover all aspects to ensure things are not missed.
If a financial adviser chooses to sepcialise in Inheritance Tax or mortgages then that is fine. BUT - they must be suitably qualified across the spectrum.
We believe this is just a move to let in new 'idiots' who have a simple qualification e.g. mortgages but they then have no working knowledge of say long term care rules or inheritance tax and will make mistakes, offering potentially unsuitable mortgage advice!
The industry should be a highly qualified profession not a sham of 'specialist' low qualified sales people.