IFAs outraged as FSA's mystery shoppingreport 'leaves consumers in the dark'

The Association of IFAs (AIFA) has attacked the Financial Services Authority (FSA) for lumping together advice given by IFAs with guidance given by banks and tied advisers. Criticising recent thematic work undertaken by the regulator, which investigated how firms are adapting their advice process to the FSA's Treating Customers Fairly (TCF) regime, Chris Cummings, director general of AIFA, said the FSA had failed to distinguish between the advice offered by IFAs and other non-independent firms in the industry. Outraged by the report, Cummings said it was not fair to lump all these groups ...