IMPORTANT REGULATORY AND ADMINISTRATIVE UPDATE.
At the end of this year, 2012, the Financial Services Industry is undergoing a substantial change in the way it is expected to do Investment business by the Financial Services Authority (FSA). This is as a result of their Retail Distribution Review (RDR).
In short – as part of their work on the Retail Distribution Review of Investment Advice the FSA is making the following changes (we have also added as a comment where SewellBrydenGunn stands in relation to this):-
The minimum regulated Adviser qualification is raised to NVQ level 4 – our firm’s regulated adviser qualification minimum is NVQ level 6 Chartered Financial Planner and additionally an MBA (post graduate level Masters in Business Administration) for non regulated business consulting and this has been so for years
Advisers will have to charge agreed fees, paid directly by the client and or charged to the investment and not just simply take income by way of commission on investment products – All our business has been conducted on an Agreed Fee basis for years
Advisers will have to be able to advise on a wider range of products if they wish to be called “Independent”, or else become “Restricted” advisers – SewellBrydenGunn are already able to advise on the wider range of products and will continue to be “Independent Financial Advisers”.
All regulated advisers will have to hold a “Statement of Professional Standing” Certificate (SPS) from an accredited professional body – already held and in place at SewellBrydenGunn in addition to a regularly updated ongoing programme of Continuous Professional Development (CPD)
So for clients and new enquirers alike, you can be sure that at SewellBrydenGunn it will be “business as usual” both now and next year onward and that you will be dealing with a professional firm that continues to provide Independent Financial Advice of the highest standard and which is tailored to your individual needs. Your adviser will be amongst the highest qualified in the industry – a Chartered Financial Planner – “the Gold Standard in excellence and integrity” (Chartered Insurance Institute). As per usual, all fee costs and the basis of our charges are discussed and agreed at outset before any chargeable work is carried out.
Additional Information below