Strident Advocate

I agree with Rory Percival of the FCA that the term ‘whole of market restricted’ is a misleading phrase and should not be used. In fact I would go much further. I would have Independent and those who are not independent be called salespersons only. You cannot, in my mind, give proper professional advice unless you can act solely and exclusively in the best interests of your client. There is nothing wrong with being in sales as long as it is clear that you are in sales. I am a strident advocate that only Independent Financial Advisors and mortgage brokers should be promoted by the regulator. I would like to see fewer ‘restricted’ firms which would become Independent. I hope play on words such as ‘whole of market restricted’ lead the FCA to agreeing with me and clear understandable labels are used for retail customers.

The article which inspired this blog post is http://www.moneymarketing.co.uk/news-and-analysis/regulation/fca-warns-o...

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