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On the right track
The FSA's paper has put forth solid recommendations that once again await the industry's feedback
So, in summary, IFAs are to be more independent, commission will be banned, you have to justify fund based fees, you need to be qualified to Diploma Level or equivalent. All by December 2012.
My advice would be to:
(i) Change your business to a wrap-based model but do not choose just one wrap to use as that could be perceived as bias.
(ii) Get used to restricting your commission or fee to 3 per cent across all products to move away from perceived bias.
(iii) Set up regular reviews for your clients investments and charge a proper amount for that, agreed at outset.
(iv) Start taking those exams as soon as possible to get up to QCA 4 or practice for your oral exam every day for the next three years.
There is always voting for the opposition in next year's election and hoping the new lot changes it again.
Phil J McGovern is a chartered financial planner and director of MPA Financial Management