I do believe that the regulator even now does not actually understand what an IFA does. It is not just about products and services, it is also having someone that understands, explains holding their hand in the good and bad times.
The biggest problem is they fail to understand every case is different. Take a look around you, does anyone else look the same as you? Unless you are an identical twin, the answer is no. This is true both for advisers and consumers, yet the regulator needs everyone to be the same – to fit a box – or they cannot monitor the outcomes.
Each adviser has his or her own thoughts on what is and is not right and it is the clients that should decide which adviser they wish to trust.
Prism Independent Financial Advice