Confidence in regulation helping businesses to grow
PAA chief executive Edward Richards says he believes the survey, completed by around 250 of its members, had such a positive response because advisers realise that regulation is helping to provide a professional image for businesses which will help to give people confidence in the system.
"Prior to this some of the public had a perception, fair or not, that advisers were an unregulated bunch with no standards and now advisers have the ability to achieve best practice over and above regulatory requirements."
The Financial Advisers Act 2008 requires financial advisers to be competent, and to be accountable for the advice they give and some advisers must comply with a Code of Conduct.
The law requires disclosure by financial advisers so investors and consumers can make informed decisions about whether to use their services and follow their advice. The Act is expected to be operational from December 2010.
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