Independence complaints flow
The Advertising Standards Complaints Board has received more complaints about independence.
Sunday, December 7th 1997, 12:00AM
People have been queuing up to lodge complaints about the use of the word independent in the financial services industry following a recent decision from the Advertising Standards Complaints Board.That decision ruled Money Managers couldn't describe itself as independent and it went on to say any adviser who received payments, such as trail commissions, could not be called independent.
Money Managers has appealed that decision and the results are likely to be published before Christmas.
Good Returns understands although Money Managers lost its appeal, the original decision has been watered down.
As a result Money Managers is expected to be able to continue using the word independent.
Board secretary Glen Wiggs won't confirm details of the decision until it is announced, however says a number of similar complaints have been lodged against firms in the financial services industry, and there have been a lot of enquiries about lodging complaints.
He says potential complainants have been told to hang fire until the appeal decision is released.
While Money Managers has borne the brunt of the decision, Wiggs says the issue is an industry problem.
"It's not a Money Managers problem, it's an industry problem," he says. "It impacts on virtually everyone in the industry."
Wiggs has called for industry bodies to make some decisions on what independent means, and how the word can be used.
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