Read it now: Unity needed among advisers & property funds at risk

Read it now: Unity needed among advisers & property funds at risk

Advisers need to collaborate to fight off poor public perception.

This is the warning from financial advisers, following a survey from OpenMoney which found the general public had a poor understanding of what financial advisers do.

According to Imogen Tew's front-page story, advisers need to embrace "radical thinking" and form a "collective voice" to overcome these negative perceptions.

Neil Moles, chief executive of financial advice firm Progeny, warned the results - which found 28 per cent of people had poor trust in the financial advice sector - were a "wake-up call".

However, on a more optimistic note, respondents who had received financial advice in the past were positive about their experiences, suggesting that the problem lies in communicating the benefits of financial advice to those who have never encountered proper financial advice.

Elsewhere in Financial Adviser, compliance professionals said the regulator's line of thinking regarding defined benefit transfer advice would be that it needs to see evidence that informed decisions were being made. 

Tim Harries, head of risk governance and compliance at WPS Advisory, told reporter Amy Austin the Financial Conduct Authority would look for advice companies to "demonstrate" the intent to do the right thing by clients.

Following news the FCA is to propose a notice period of up to 180 days for people to get their money out of open-ended property funds, specialists have sounded the alarm over the future of such property funds.

With bricks and mortar open-ended funds still suspended, and an economic slump that is unprecedented in recent decades, investment analysts have expressed concern that some - or all - open-ended property funds may never reopen.

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We are having our usual summer print break for the next two weeks, and will be back on September 3 with our special edition of Financial Adviser, where we will be featuring a CPD Special Report and unveiling all the winners of our Diversity in Finance Awards 2020.

Enjoy the relaxation of some of the lockdown restrictions and have fun, but stay safe and healthy.

Simoney Kyriakou, editor, Financial Adviser