Many advisers are sceptical of the value Future of Financial Advice (FOFA) opt-in provisions deliver to practices and their clients, one legal specialist working in the area has said.
They have questioned who was benefiting from the process, which came into effect on 1 July, imac legal & compliance principal Ian McDermott told financialobserver.
“The overall sentiment is, ‘we’re doing it because we have to, but we’re not convinced it’s a good or necessary policy’,” he said. “The overwhelming sentiment is, ‘what does it actually achieve?’ “It’s yet another compliance burden that adds to costs, and on a cost-benefit scale, [I’m] not sure who’s coming out ahead.”
Read the full article in Financial Observer