Skip to main content

INDEPENDENT FINANCIAL ADVISERS

EDM (Early Day Motion) 1191: tabled on 13 December 2010

Tabled in the 2010-12 session.

This motion has been signed by 21 Members. It has not yet had any amendments submitted.

As this motion is using historical data, we may not have the record of the original ordering, in which case signatories are listed alphabetically.

Motion text

That this House is aware that independent financial advisers (IFAs) account for onlythree per cent. of complaints made to the Financial Services Authority (FSA) and of those less than 40 per cent. are upheld; notes that from the end of 2012 IFAs will no longer be able to trade on a commission basis but instead will have to offer fee-based advice only, a system which inevitably will cost investors more; understands that the FSAis now requiring all IFAs to sit new examinations before trading, therefore establishing themselves even further as constant regulators of the industry; and questions why such pressures are not apparent on the trading floors of banks and other financial institutions who are the most guilty of inflicting financial misery on the nation.

The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.

In addition to the sponsors, the following Members have signed to support the motion.

These members had previously signed the motion, but have now withdrawn their support. The date shown is when the Member withdrew their signature from the motion.