[Weekly Wrap] Back to the drawing board

The Institute of Financial Advisers will have to go back to the drawing board after its pro bono programme during the inaugural Money Week attracted only 30 enquiries nationwide.  It’s a shame the turnout wasn’t higher because there are undoubtedly plenty more people out there who could use a dose of financial advice, free or otherwise.

It’s always tempting to engage in a round of blamestorming when things don’t turn out as hoped.  However, one adviser’s message to others who signed up for the initiative is to get out and promote it themselves rather than waiting for someone else to do it.  The feedback from those who did take part has been positive so it’s up to those running the programme to find a way of getting more interest next year.

Authorised Financial Advisers (AFAs) around the country will be breathing a sigh of relief after politicians saw sense and changed a controversial section of the Financial Markets Conduct Bill dealing with “unsolicited offers” of financial products.  AFAs and QFE advisers will be allowed to make offers “in the ordinary course of business”, which should allow them to carry on as usual. 

However, Registered Financial Advisers (RFAs) and “information-only” salespeople will have their ability to sell financial products (this doesn’t include risk products) severely curtailed.  This is probably the outcome the MPs were looking for when they originally wrote the section, but trying to guess what politicians intended is difficult and it’s best they fix problems in bills before they are passed.