Independent Financial Advisers (Regulation)

Adrian Sanders Excerpts

Monday 29th November 2010 Commons Chamber

[Mark Garnier]

The hon. Gentleman is absolutely right. The overriding message coming back from the IFA community is of being ignored by the regulator. It has been suggested that Adair Turner, as someone who comes from McKinsey, looks at the issue from a box-ticking perspective as opposed to considering the fundamental needs of the consumer, which is the important issue.

IFAs are going to bear the brunt of the changes, and especially those with small operations in rural communities.

[Mr Adrian Sanders (Torbay) (LD)]

Is not the problem with the whole process the fact that it is angled disproportionately at hurting small traders, often in the poorer areas of the country? That needs to be reversed if the changes are to receive any credibility in or support from this place.

[Mark Garnier]

That is absolutely right.