The Stourport Workmens' Club recently hosted a meeting of local independent financial advisors (IFAs), whose livelihoods are threatened by proposed FSA measures. The meeting was called so that Mark Garnier and fellow Worcestershire based Conservative Parliamentary Candidates were given an opportunity to meet with, and listen to, the concerns of regional IFAs.
IFAs provide independent advice to individuals on matters such as savings, pensions, mortgages, tax planning and other personal financial issues. IN many cases, some IFAs have decades of experience in this complicated industry.
However, the FSA is conducting a consultation known as the Retail Distribution Review (RDR) which contains proposals that will affect the way IFAs do business. IN particular, two proposals will seriously undermine the ability of IFAs to continue: a change in the way they claim commissions for products sold; and a requirement to take degree level exams to continue to practice.
Mark Garnier, with a lifetime's experience in investment and financial services, said of the proposals: "These proposed changes are too much for IFAs to be able to handle in one go. There are many people who have a lifetime's experience of financial advice who will be required to study for upwards of 500 hours before taking exams. Not only is this incredibly destructive to their businesses, it completely ignores their experience. IFAs provide a very useful source of independent advice and they should not be hounded out of business by the FSA."
Mark Garnier, together with Worcestershire based Conservative PPCs Harriett Baldwin and Robin Walker, pledged his support to submit a joint response to the FSA consultation and to ensure that the Conservative front bench team is fully aware of the views of the IFA community.