Oral Answers to Questions
Debate between Harriett Baldwin and Robert Buckland(13 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Robert Buckland (South Swindon) (Con)
2. What plans he has for reform of the rail industry; and if he will make a statement.
Harriett Baldwin (West Worcestershire) (Con)
8. What plans he has for reform of the rail industry; and if he will make a statement.
Independent Financial Advisers
Debate between Harriett Baldwin and Robert Buckland(14 years, 2 months ago)
Westminster HallRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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Harriett Baldwin
Yes, I agree. In London it does not really matter if one person goes out of business—there will be lots more financial advice available; but in rural constituencies such as mine and that of my hon. Friend there will be a significant impact on access.
The IFAs in West Worcestershire who have come to my constituency advice surgeries have also raised concerns about the exam. Most of the advisers I have seen have been—I know we should not mention age—in their late 50s or 60s. Speaking for myself—and obviously I am still very young—I am not as good at taking exams now as I was when I left university. That does not mean that I have not accumulated something else over the years. I hope that I have a little more wisdom and experience than I had then.
Mr Robert Buckland (South Swindon) (Con)
I have spoken to many local IFAs in my constituency and elsewhere, who provide localised, personal services to individuals who may not be of great net wealth, as my hon. Friend the Member for Ipswich (Ben Gummer) said. Does my hon. Friend agree that asking them questions about international arbitrage and the derivatives market is hardly relevant to the practice they have carried on for many years?
Harriett Baldwin
Indeed, that is a helpful intervention. I received a letter from someone in the north of England who was concerned about having to learn a lot about non-domiciled investors, which they did not think was very relevant in Sheffield.
In financial markets wisdom and experience are valued. Someone who has lived through a boom and bust cycle in the past is much less likely to believe that the latest investment fad will defy the laws of investment gravity. Someone who has seen a few economic cycles is much more likely to understand the ravages of inflation on savings. Someone who has been to a range of conferences over the years is more likely to know when something is really too good to be true. No exam can test that. Yet it is those experienced IFAs, who are often sole practitioners, who will find it hardest to take the time required to pass the specified exams.