The UK's Financial Services new regulator, the FSA has today unveiled their proposals for financial advice reform. If the proposals go through, the whole industry will change and will generally move away from you using independent financial advisers (who work on your behalf) and tied advisers/company representatives (who work on behalf of the company/ies they represent).
The proposals have been issued within a consultation paper and people wishing to reply and make comments have until the 19th April 2002. Howard Davies, Chairman of the FSA made the following comments in today's press release:
"This is a significant liberalisation package to enhance customer choice". "Our aim is to secure long term improvements for consumers through greater access to advice and greater choice in the financial products available to them".
has had talks with the Treasury regarding reform of the industry and will continue to make our feelings known. We continually strive for flexibility, choice and a fair deal for the consumer, without the added confusion of what type of adviser they deal with. will be responding to the consultation paper before the deadline and our response will be published on the site.
If you would like to read the consultation paper for yourselves and have any comments to make, why not contact us with your views and we will include them with our own response. All views count and we would urge you to put your views forward. Even if you do not have time to read the consultation paper, let us know your views of the financial services industry - do you find it easy to understand or do you feel intimidated by the jargon?