Introducing a long-stop to financial advice liability is the only way a properly functioning mass-market model can develop, MPs have been told.
Association of Professional Financial Advisers (APFA) director general Chris Hannant told members of the Work and Pensions Committee the fear of opened ended liability made advisers reticent about simplified advice. Hannant said most of the clients APFA’s members deal with have retirement plans in place and were “more worried about planning for IHT than a basic income for retirement”. However, he added there was more the profession could do to develop low-cost advice solutions for the mass-market. “There are firms out there developing telephone-based services but the traditional a...
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