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Henwood Court welcomes the FSA's Retail Distribution Review

Following extensive liaison with the industry, the FSA has finalized its much awaited proposals designed to reform the investment market, preparing both consumers and the industry for the future. The aim is the achieve greater confidence and trust for consumers by:

• Providing greater clarity for consumers about the advice service being offered and by making a distinction between independent advice and sales advice, and including the connection with the proposed free Money Guidance service;
• Raising professional standards of all advisers by setting minimum qualifications for different types of advice and establishing a Professional Standards Board to boost consumers’ confidence in the industry;
• Modernizing the way advice is paid for by requiring independent advisers to agree the cost of financial advice with customers up-front, removing the possibility of commission-bias and ensuring the cost of all advice is clear to consumers whenever it is given; and
• Introducing a new standard for independent advice by ensuring advice is unbiased, unrestricted and extends to all types of investments.

The FSA will consult on the proposals in the feedback statement in the first half of 2009.

Henwood Court welcomes these proposals and is pleased to confirm that as a firm committed to continued learning and professional development we already hold the minimum qualifications and have been practising customer agreed remuneration for a number of years.

Story courtesy FSA

If you would like to know more visit the FSA website at www.fsa.gov.uk
 

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