For many advisers, the jury is still out on the value of the Future of Financial Advice (FOFA) legislative changes. Regardless of whether you are pro- or anti-FOFA though, there is almost universal acceptance that FOFA is yet another step along the road to the sector becoming a profession.
But no other profession that I’m aware of is so prescriptive in what its main actors can do and say, and how they must do and say it.
Could you imagine the uproar if the regulators tried to tell lawyers, accountants, engineers and architects exactly how their advice must be presented to clients to demonstrate it is in their best interests and the myriad disclosures that must go with it? Of course, what led us to this situation is a story for another day.
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