Industry full of sales people

Bit like saying Pol Pot was a nice guy compared to Stalin and Hitler

Posted by: Guliver

FSA ?

What a pity nobody has told the FSA ?

Posted by: Paul Wilkinson

Its the FSA "broken model" theory that is broken!

So how does this square with the FSA RDR proposed cull of 10,000 IFA who are predicted to leave the industry as a direct result of the FSA, the same FSA caught asleep on watch as the banks failed, the same banks that are predicted to be the beneficiaries of RDR? In light of the findings that IFA is considered the 'most fair’ in financial services – how can the FSA continue with their "broken model" sham?

Posted by: SIMON MANSELL

IFAs most fair

To Guliver - actually, there is nothing wrong with being a salesman. In any industry (including financial services) you can have the best product in the world but if you don't have good sales people you might as well pack up and go home. It's only in britain that sales people are castigated - in other countries, especially the US, sales people are paid handsomly for a job that is considered essential for business success. You should be able to sell ethically and responsibly to people who need your product without being likened to Pol Pot (not that the FSA would understand either).

Posted by: bill wells

FOS/FSCS - Got your ears on good buddy?

Hello FOS. Anybody there? Are you listening? Pity then we have to pick up the tab for other people's mess at the FSCS.

Posted by: Harry Katz

has the FSA read this?

"Most Fair" what a comment! and I suppose this can extended not only to the way we do the job but also the way we get paid for doing the job..... so who actually has a problem with IFA,s being paid by commission obviously not the clients. Do I detect that the problems that the FSA has with commission payments are dreamed up have no basis in reality and as I suspect are based on the fact that this bunch have nothing better to do other than making changes for change sake and we are all paying the price!! Would be nice to be on the bonuses these guys are on

Posted by: Graham Barney

A Timely Reminder

This is not news, of course. By news I mean a revision of a previously held view. Previous surveys have highlighted that IFAs command a greater trust than bancassurers and insurers direct sales forces. The timely aspect is that tomorrows RDR edition IV will continue to espouse the gospel of the broken model and will seek to 'fix' the problem. How much more factual evidence will it take to convince the theorists that the 'problem' is one of perception. that being a conclusion by Charles River Associates within their report commissioned by the ABI in 2005

Posted by: Alan Lakey

Recognition at last!

It is gratifying to hear of this report. However, IFAs being forced to take higher level product exams against their will won't make them better or more trusted advisers! The FSA needs to revisit the RDR before they destroy an industry the public at large need and clearly trust! Note I didn't call it a profession which it isn't!

Posted by: Derek Vivian

Unfair

I have never seen any fairness in the sale of products in financial services, products and structure are in place to rip off the clients and this is promoted from deep within and at the top of companies. Good guys do exist but in my experience a good product means good commission. If the product is suitable it will sell itself, sell your technical wisdom not use sales chat up lines to flog rubbish products. Financial services in the UK continues to have a very low bar and standard and well done for the FSA in trying to raise this but bad work by the FSA for ignoring the sales cultures promoted by MD's and CEO's in finance companies which lead to clients being ripped off.

Posted by: Guliver