Paul Lewis: Advisers must seize opportunity
He told a packed audience at the Personal Finance Society’s annual conference that he has long regarded commission as the cancer of the financial services industry.
He blamed the commission-based approach on the pension misselling scandal between 1994 and 1998, while he added that with the changes to pension rules in the 2014 Budget advisers now have the opportunity to make amends.
“The demand is there. All you have to do is meet it. Here is your opportunity,” he thundered. “Hundreds of thousands of people with money and little knowledge.
“You can end that mistrust that has been generated over a generation.
And he added: “Just as in 1988 the population has been given a new pension freedom.
“Just as in 1988 there are great opportunities with hidden dangers and just as in 1988 financial advisers are poised to step forward and help the public by filling the gaps in their knowledge.
“Don’t mess it up again – you may not get another chance.”