Independent Financial Advisers (Regulation)

Debate between Mark Garnier and Alun Cairns

Monday 29th November 2010 Commons Chamber

[Mark Garnier]

Yes, I agree entirely. It is absolutely the case that the harder-working and more successful IFAs simply will not have time to take the exams and start dealing with the dead hand of regulation from the FSA.

With up 10,000 experienced IFAs of good standing potentially being forced to retire for no valid reason, it is estimated that as many as 3 million existing clients, many of whom will be elderly, will lose access to their trusted adviser as of 1 January 2013. I fear that without the FSA looking again at grandfathering the experienced through the process of implementation and without a rethink about commissions, independent financial advice will become the preserve of the wealthy only.

[Alun Cairns (Vale of Glamorgan) (Con)]

Will my hon. Friend give way?

[Mark Garnier]

I have just about finished actually.