Cost of financial advice must be transparent and fair, says Which?
25 June 2009
As the Financial Services Authority (FSA) publishes proposals to build trust and confidence in the financial advice market, Which? principal policy adviser, Dominic Lindley, says:
“Raising professional standards and removing the bias created by commission will help to build consumer trust but more must be done to ensure that prices are both transparent and reasonable.
“Why doesn’t the FSA want to call a sale a sale? Surely if someone is trying to sell a product to someone else, it should be described as “sales”? We are not convinced that current proposals set a clear enough definition between those offering independent, unbiased advice and those simply trying to sell products.”