An independent panel of consumer and industry representatives is to set the criteria for inclusion on a new financial adviser directory currently being established by the Money Advice Service, the body said today (27 August).
Mas revealed plans to launch a directory in June this year, which it today confirmed will be free for advisers to join. The new directory is to be built and hosted within Mas’ existing site, and will aim to be launched by April 2015 to coincide with the new retirement guidance service.
At the time of the original announcement concern was raised over the service’s proposal to set ‘criteria’ for admittance, which the Association of Professional Financial Advisers said represented a ‘quasi-regulatory’ step that was likely to result in low take-up.
Mas said in its statement confirming the launch that an independent panel of consumer and industry representatives is to set the criteria for inclusion. It is reviewing whether to extend the offer beyond specialist retirement advisers.
Its statement added: “They will also be asked to agree on how fees and charges can best be incorporated into the directory, so that consumers can compare the costs of product and services more accurately.”
Caroline Rookes, chief executive officer at Mas, said: “We are very pleased that the Money Advice Service proposal for an independent, impartial, and non-commercial financial adviser directory has received support from key industry stakeholders and consumer representatives.
“The new adviser directory will help many people access specialist advice based on their individual circumstances. We look forward to working with the advice community to help make consumers’ transition from guidance to regulated advice as seamless as possible.”
Chris Hannant, director general at the Association of Professional Financial Advisers, said: “I welcome the Money Advice Service proposal. An impartial and effective directory will be important to securing an effective handover from the guidance guarantee to financial advisers.
“We will work with the service to ensure that the directory’s criteria are effective in delivering this, and helps link consumers that need advice to those that are capable of delivering it.”
Mas has faced criticism in the past for not signposting consumers effectively to professional advisers, a shortfall the service has acknowledged and which it said it hopes the directory will address.
