News - Shake up in financial advice
From 1st December banks and building societies will be able to offer a wider range of edition finance hill insurance international management mcgraw risk series
s, pension and insurance, and independent financial advisers won’t look so special any more. They’ll also all have to tell us more about how they make their money.
The nostalgia is already setting in among Home personal finance insurance
army of independent financial advisers. Nostalgia for a time when their role was protected in the marketplace.
But independence won’t be so prominent under these new rules on giving advice.
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NEW ADVICE RULES
Own brand - One range of pensions investments and insurance
Limited brands - Choice from a small panel
Any brand - IFAs should look for the best deal
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Banks and building societies will be offering their own brand financial products, a range of pensions, investments and insurance as they do now.
But if they want they’ll also be allowed to offer a limited finance insurance
of brands. And this is the big change. It will look like choice but in reality the choice will be from a small panel of applied event extremal finance insurance modeling modeling probability stochastic
.
And that will compete directly with what’s on offer from independent financial advisers, who should be looking for the best deal for a customers by scouring the whole market.
Barclays is one of the few institutions that’s indicated it will move to the new middle way of giving advice, where it is tied to a small band of investment providers, or multi-tied as the jargon goes.
Bradford & Bingley is unusual for a big player in that it gives independent financial advice, but it’s planning to change to the new limited option, and a number of smaller financial advice firms are following suit.
A sign perhaps that the age when independence ruled is coming to an end.
Most will be finance and insurance training
which way they plan to go over the next few weeks.