What Mr Wheatley is referring to is regulated individuals rather than financial advisers. The majority of people that Mr Wheatley regulates are what is euphemistically called “wealth managers”.
Most advisers are specialised individuals which include those who are entering financial services and are merely conducting a fund management role for substantial portfolios of personal and corporate wealth.
Mr Wheatley, in talking of the success of RDR, fails to understand or accept that his figures serve his own purpose. Financial advisers, that he looks after, fail to serve the general public, 95 per cent of whom earn less than £30,000 median income a year, fail to be advised on life assurance, and accept imposed pension financial planning.
Perhaps you should ask Mr Wheatley for some statistical analysis of the IFAs he looks after and see just how many have a significant part of their income from fund management charges.
When Mr Wheatley refers to “commission bias” he denies the fact that all the FSA independent reports produced failed to find “commission bias” of any significance.
Terence P O’Halloran
Chartered financial planner