One of the clear messages stemming from the result of our latest poll is that advisers are seeking a terminology to be applied to the new class of adviser which indicates limitations to the scope of the advice they can provide.
As we go to print, the top two preferences, as voted by Riskinfo readers, for the name of the new class of adviser are: Product Consultant (31%) and Restricted Adviser (26%).
These selections imply limitations to the nature of the service…
These selections imply limitations to the nature of the service the NCA will be offering, both of which are more definitive and less ambiguous than the ‘Qualified Adviser’ label initially applied by the Government.
Two critical factors in ultimately determining the name of the new class of adviser will likely include:
Strong calls being made by many stakeholders, not least the FAAA, that the words ‘adviser/advice’ and ‘financial’ should not be included in the name
The blacklist of topics, to be prescribed in the eventual legislation, outlining the areas in which the NCA will be prevented from ‘advising’, where the intention is to ensure a clear boundary exists between the NCA and professional financial advisers
With another restriction being that the NCA may only provide advice on products issued by prudentially-regulated entities, we can see how the word ‘product’ may be preferred when the Government’s decision on the name is handed down. And the second-most popular choice in this poll – ‘Restricted Adviser’ – also appears to have support from a significant number of Riskinfo readers, the large majority of whom are advisers and adviser support team members.
So, as another transformative year for the financial advice sector begins to unfold, our poll remains open for another week and we welcome your thoughts…
