Clients are not stupid, Ford cars would be shunned and they would have gone out of business quickly.

Obviously, any local garage or service centre has neither the resources nor the technical ability to disassemble the whole car into thousands of pieces and stamp each part as approved.

Unless I am hugely mistaken, the biggest problems in retail financial services (Arch Cru, Key Data etc..) have been fundamentally problems with the product and not the advice.

How can it be possible to hold a small regional advisory service accountable for a fundamental problem in the product being offered?

Advisory firms are cautious and they are astute but is it really a fair burden on the profession?

I need your help here, for the open letter so please reply back with your feelings on the real question…

If it’s the products manufactured that consistently do damage to the public then why don’t we have a regulator that focuses on where the problem is?

Surely, the entire purpose of the regulator is to regulate where the problem is?

One leader suggested FOS regulation for adviser firms unless there was a persistent problem and then FCA intervention for potential “offenders”.  The FCA can then spend it’s considerable budget on where the problem actually is?

Don’t think things will never change, the public are not stupid and they won’t suspend belief forever in a system that doesn’t keep them safe.

If you haven’t completed the 2 minute FCA cost survey then click here: http://www.retiringifa.co.uk/fcacostssurvey.php

If you have any thoughts for the open letter please just comment below.