What causes huge losses in Conveyancing?

Less than one family in five is making adequate financial provision for themselves, according to a report published in 2001 by the actuarial profession. And a study by Oliver, Wyman & Company, published during the same year, identified a 27 billion pound savings gap. This study also identified a link between receiving advice and the act of saving – this of course would not have come as a surprise to IFAs! AIFA is keen to support initiatives which make advice available – but appropriate and suitable advice, by the properly qualified. Conveyancing Fees A thorough overhaul of the complex and intrusive process for giving advice, could do much to make it more widely available.

A general dumbing down of the skills required to give advice will only lead to recrimination and disillusion. We also support ways to make advice available in the work place. Employers, nervous about selecting the right product for their employees’ stakeholder pension, have sought help from IFAs. IFAs have then given workplace presentations to the company’s employees and in many cases have been involved in the follow-up by answering their individual queries.

This has given those who may not have naturally thought of seeking independent advice, their first contact with an IFA. Encouraging employers to be conduits for financial advice would seem to be a sensible initiative for the Government to support.

In their search for answers to the under provision of savings, the Treasury and the FSA have thoroughly reviewed – and reviewed – the financial services retail sector. Some of their proposals have tried to ‘fix what ain’t broke’ and would have a detrimental effect on access to advice, particularly independent advice, and subsequently, access to suitable financial products.