European IFAs believe they have staved off the threat of a commission ban by winning around the European Parliament to their belief that it is anti-democratic as this FTAdviser story reports. It’s the European Federation of Financial Advisers and Financial Intermediaries that has done the lobbying donkey work.
But what does this mean for the RDR and its commission ban? I am going to suggest something radical. I don’t think anyone knows until the two systems are up and running at the same time. I suspect that for every lawyer or consultant with one opinion, you can find another lawyer or consultant with another. Imagine if adviser charging is swept away again in two or three years time.
Anyway closer to home, do you think the Solicitors Regulation Authority chose Independence Day on purpose to decide whether solicitors can still only refer to IFAs not restricted advisers under the new regime. The pro-restricted lobbying comes from stock brokers. And will the accountants follow suit? How very odd that decisions that will have a huge impact on the advice market will be decided elsewhere.
Finally a few other columns I’ve been writing. I’d love feedback on this one in particular. These are my ideas on the ten things IFAs might want to see from a near perfect FCA. The best trade news round up in financial services is now live on Adviser Home. And if you’ve not had enough I discuss how the fund industry and investment advisers might begin to build consumer confidence - a voluntary kitemark perhaps - on FtAdviser.com.
Have a lovely weekend readers.