Under Reliance on Others, the responsibilities of each party in the chain is much clearer making it easy for advisers to fully understand where their responsibilities lie.
It removes the ambiguity from who carries the can should an end client complain.
Reliance on Others is starting to gain traction from discretionary investment managers but, with no requirement for them to change their terms of business to adopt Reliance on Others, it is down to advisers to be aware of their terms of business and to be proactive in demanding a change.
The time to act is now.
Mike Roberts is managing director of PortfolioMetrix UK