Hello. Where’s the customer in CP 09/18?

So I’m reading this thing, no real surprises (no commission right, clear independent labelling check, no grandfathering makes sense, factoring of fees hmm nightmare etc etc) and I have to keep reminding myself this is for investment/pension business only.

Is it me? But are we giving labels to advisers for one set of products and not for all? Yes I know investment products are the most complex and risky. But as a consumer, most would say getting unbiased mortgage advice is pretty damn important too (most of us think of it as our biggest investment you know). And if commission is still available on other products, then consumers will still think that all advisers get commission won’t they?

And when I decide to have investment/pensions advice, I will get to choose to pay a fee or offset it against my investment (but if a provider thinks this is against my best interest, I may hear back from them)…

Oh and there is moneyguidance, basic advice, restricted advice and independent advice (possibly simplified advice tbc). Hmm…

So why doesn’t the FSA decide to regulate advice or products, why does it have to be a bit of both? I know there are lots of good reasons why it is the way it is, really I do and yet…

Is it me?

Jo Parker
CEO

(Ps: By the way I think it is great for independent advisers and that is great news!)