FA week in words (10 February)

That was the warning from Derek Bradley, chief executive of advisory portal PanaceaIFA, as IFAs began to ponder who will fund consumer awareness of the rapidly approaching retail distribution review.

He said: “All that exists at the moment is one page on the FSA website, which was last updated in October 2011.

“With consumer attention being diverted easily by domestic economic matters, the Queen’s diamond jubilee and the Olympics, the FSA has little time to act.”

It comes after the latest budgets from the FSA and the Money Advice Service had provided little indication of funding support for telling consumers of the regulatory changes, despite comments from the City watchdog last year that indicated the FSA would set money aside for this.

While the public may not know too much about the RDR yet, awareness of the Financial Adviser backed campaign on restoring trust in the financial services industry has gained traction.

Christopher Leslie, MP for Nottingham East, and the Association of Christian Financial Advisers have given their backing to a new campaign that aims to restore trust in financial services.

The campaign was started by Shane Mullins, managing director of Nottingham-based Fiscal Engineers, and backed by Financial Adviser.

Mr Leslie said: “There is a groundswell of interest from across many responsible corners of the financial services sector in wanting to transform radically the trust and confidence people should have in financial products and providers.”

Mr Leslie is shadow financial secretary to the Treasury.

Arwyn Bailey, spokesman for ACFA, said the group was supporting the Question of Trust campaign, as it was time to bring integrity and morality into financial planning. He said: “The basis of any relationship needs trust.

“Advisers are in the privileged position of going into people’s homes and places of business and discussing their whole financial planning situation.”

In the long-term care industry, Partnership announced it was working with nine local authorities to set up a panel of long-term care advisers ahead of the next step of the government’s care reforms.

Chris Horlick, managing director of care for Partnership, said the provider was working with councils in Buckinghamshire, Suffolk, Norfolk, Essex, Hampshire, Wiltshire, Nottinghamshire, Southend and West Sussex, to help self-funders of care to seek advice.

Mr Horlick said there were also plans to set up pilot schemes with 10 other councils.

He said the referral service would fulfil an aspect of a government White Paper on care, which is anticipated in the spring and follows last year’s Dilnot Commission on care funding.

Mr Horlick said the White Paper would call for those looking for care to have better access to information.