Keith Richards, chief executive officer of the PFS, said without obtaining the relevant claims management permissions, advisers cannot safely do much towards helping their clients get compensation.
This was despite some advisers, such as Neil Liversidge, managing director of West Riding Personal Financial Solutions, saying advice companies were well-placed to help their clients bring claims after he helped a client win £21,000 in compensation from the FSCS.
5 This institute's for turning
The Chartered Insurance Institute U-turned over its fee structure for its new vulnerable client unit after adviser backlash turned an initially SJP-exclusive unit into a level for all product.
St James’s Place announced earlier this month it would be launching an exclusive unit with the professional body, but a negative response from the IFA world meant the CII switched up its methods and opened the pilot to its wider membership.
But SJP advisers were still going to get the vulnerable client unit for a lower cost of £350 per adviser, while non-SJP IFAs would have to pay an unspecified full amount.
The CII then U-turned once again and announced all members would be able to study the unit at the “discount” rate of £350.
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