You as well...

I realise that the regulation has turned this industry into a laughing stock and as much as I like U2 the mans fan club should stay away from fincial services. Whatever next.. a National Complaints Day??

Posted by: Adam Clayton

Pro Bono Work

What a load of tosh. Despite the CII,s comment that Pro bono work is fairly new to IFA,s and other advisers(including some of the old direct sales forces who have disappeared) As long as I have been in the industry (22 years)Pro bono work has always been done, they called it servicing and looking after the clients. Not everyone out there were policy floggers, they really did believe in helping clients when it was needed.I do not understand where the CII are coming from, who did they survey to come up with this brainwave.

Posted by: terry

A Beautiful Day

Good to see Adam getting stuck in. Its interesting that in other professions they call it pro bono, whereas the FSA calls it cross-subsidising. Excellent! So some people get financial advice for free, paid for by those that don't. I don't mind doing it as long as you don't expect me to talk to those on benefits, or the unemployed

Posted by: The Edge

Free For ALL

IF Pro bono work is to count towards qualifications,a lot of advisers will already be at degree level!!

Posted by: lol

Why a qualification?

Firstly I agree with the above - I have already done plenty of pro bono work and the FSA don't like it as it is a cross subsidy. My paying clients would be none too chuffed either (perhaps my landlord would waive the office rental whilst I am doing freebies?). Why on earth should it lead to a qualification? Unless of course it is a way of generating further exam fees - or would it be a 'pro bono' qualification with the CII staff working for nowt? When doing this 'pro bono' work would the CII pay my staff and cover the PI for the advice I have given? Indeed how would our PI insurers view us giving advice to people who have, in some circumstances, completely screwed their finances already and are arguably more likely to claim for a bit of 'compo' down the line? Why would you need the skills and qualifications of a post RDR IFA to provide debt couselling? Anyway, I already spend several days a year volunteering with the D of E Award Scheme, my skill sets aren't solely related to Financial Services and shouldn't it be up to me to decide who I give my spare time to? Hey ho, looking forward to the first 'pro bono' CII revision day...... ;-)

Posted by: Bill

What a great idea!"

I'm up for this as long as the bureaucrats that dreamed it up are happy to make a contribution too. It seems only fair that if we are to be expected to work for nothing they too should refuse to take their salaries for a pro bono period leading to a reduction in the fees IFAs have to pay. Hello....is there anybody there? Where have they all gone then?

Posted by: Mike

Pro Bonio

But I haven't got a dog!

Posted by: Harry Katz

Pro Bono work

Bro Bono vs Servicing? If I set up some measure of trail related to the help I am giving then I am servicing. If I do something for a client for no payment then it's pro bono. However, I think that if the client did not have to pay or just did not pay (and there are some of those out there would you believe), then there should be no PI chargeable, no regulatory jurisdiction, no FSA fees for that class of work nor any FSA oversight (otherwise the fee-paying community would be cross-subsidising the free community) In other words you don' need to poke your nose in Regulators if we do something (and now I will use an unusual word for financial services)kind...

Posted by: Orlando Furioso

Bro Bono work

I forgot to say that, when giving free advice we should be allowed to be in exactly the same position as the Citizens Advice Bureau who dole it out and who are not potentially liable to be jumped on by regulators and for compensation.

Posted by: Orlando Furioso

Cross-subsidisation

Someone is having a laugh at us. Back when the original RDR idea raised its malformed head I responded and argued that it would remove the cross -subsidisation that has always been a feature of the retail advice process (maybe not for you, Harry). The Canary Wharf experts argued that cross subsidies were wrong and we had to stop such an evil practice yet now it has been acclaimed as worthwhile again. Funny old world, isn't it?

Posted by: Alan Lakey

Pro Bono

Here's the link to the CII paper: www.cii.co.uk/papersinprofessionalism

Posted by: David Ross