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    Rating Scores For IFAs

    13:55, 18/3/2020

    Home » News & Knowledge » Rating Scores For IFAs

    A common sight outside eateries and often publicised on social media (if they’re terrible), the Food Standards Agency (FSA) holds a lot of sway with its rankings of food establishments based on quality and cleanliness.

     

    With this system in mind, the Parliamentary Review published an article that suggested such a ranking system exist for Independent Financial Advisers (IFAs). Will Harris – of Lawrence Miller & Co – voiced this idea as a good way for the general public to steer away from providers with bad reputations. He stated:

    “A star mark wouldn’t be a comment on the quality of advice, in the same way that the star rating for restaurants is no guarantee of tasty food.

    “However, it will give clients, both new and old, a quick and simple ‘visual’ health check on a particular business. It will also allow them to make a simple, easy to understand, yet informed, judgment on the competence of the firm’s advisers.”

     

    Rating Scores For IFAs

     

    This idea apparently came about during the aftermath of the pensions scandal of British Steel employees. Concerned that this could easily happen again in future industries, Mr. Harris thinks the FCA (Financial Conduct Authority) should have a network of UK offices to monitor local firms and award ratings based on their findings.

    MP Nick Smith who represents Blaenau Gwent’s constituency, of former steel-making fame, stated:

    “More transparent information for consumers combined with being more rooted in different parts of the country would at least help with starting to drive the pensions sharks from the waters altogether.”

    Citing costs, Mr. Harris believes that such offices would be simple enough to budget, as an estimated £11M running cost would account for lest that 2% of the FCA’s annual budget. Mr. Harris finished by stating:

    “Each time there is a new pension scandal, we are told ‘it will not happen again’ but it does happen again. The FCA doesn’t seem to understand the nature of the problem, relying instead on arms-length and aloof regulation.

    “The British Steel Pension Scheme scandal has focused the minds of our sector and we call on the FCA to make grass root changes now, for everyone’s peace of mind.”

     

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