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IFAs should ‘become a profession’: Labour

“A safe harbour product of the kind described in this report may not be any more achievable than a perpetual motion machine.

“The products available today are largely fit for purpose already. The challenge is rather to make sure that investors are helped to engage at a level which works for them and to make good decisions, even if that is simply to buy an annuity.”

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Labour-funded report stated “simplest solution” involves only three routes:

• execution-only – the customer makes all the decisions (‘I want to do it myself’).

• ‘financial help’ – the customer is helped or steered towards tailored options using a decision tree, but this is currently classified as advice (‘help me do it’).

• personal recommendation or full regulated advice (‘do it for me’)