SJP: Predictions of IFA fallout post-RDR are 'overdone'

I note the comment from Mr Bellamy (he must have moved on from Horticulture since I was a child) that "most of it's new recruits were IFA's" and fund inflows are well up in Q4 2009.

I wonder how much of these are attributable to those who left Towry Law to join SJP in the last 2 years and have been moving money out of their Discretionary Service........

This item seems to be more about SJP's business than a serious comment on RDR!

The FSA should be concentrating 100% on regulating the banks and the advice given by so-called advisers employed by the banks.

The majority of IFAs with more than 25 years in the industry do not need to be told by some unelected quango that they are no longer qualified to do their job!!! If they were inefficient, or were unable to build excellent client relationships, they would have died a death many years earlier.

The IFA community is now over-regulated, whilst the banks remain unregulated.

I agree with Mr Hammond

Well done Brian well said!!!!

"now the Financial Services Authority (FSA) has relaxed rules on professional development" - what relaxation?

I would suggest that he should actually read the paper as comprehension by delegation is dangerous. The alternative assessment is not going to be easier it is simply different and will be more expensive. The same items still have to be tested. He will be telling us next that Adviser Charging is just for IFAs!

Having been in the insurance industry for some consideable time, in direct sales with Hambro and as a Broker consultant with Scottish Widows ( and their many attempts to start a direct salesforce) - it is clear that the insurance company driven - big up front commisions is not good for clients - who require advice and a proper financial plan ( a financial strategy ) which must include an income and expenditure cashflow analysis (a) to see if the client can afford the proposals (b) to assist an independent fianncial adviser to select the most appropriate product - which may not pay commission. So a fee based service in my opinion is fair and reasonable and produces Trust between the adviser and the client. Tied agents, tied to Bank or insurance company rely on selling products then providing advice to back up their sale. It is interesting that in the past - even with high commissions the sale of life assurance products were sold over a wide range of people - and now less people have protection. In the past CEO's of Insurance companies sorted out the problems of misselling bad advice and corrected errors - now CEO's of insurance companies do nnot take responsiblity for their agents - and ignore clients, theri problems concerns - to the detriment of the insurance industry. Now with RDR being put in place - ALL ADVISERS will be advising High Net Worth clients - and the rest can go to Tesco ?

Congratulations to the Scottish Governement and theregulators, FSA .

So why are they on a drive to purchase IFA firms by offering good exit strategies?

Unless they are basing their assumptions on the lack of trust from the IFA sector to accept their deal?

Not a good basis for assumptions.

I with you Brian on this as well