The UK Independence Party has called for the FOFA-like Retail Distribution Review (RDR) reforms to be scrapped, claiming the average British consumer is being priced out of advice.
The Eurosceptic minor party, which holds 11 seats in the European parliament and has three members in the UK House of Lords, says the reforms – which introduced new educational standards for advisers and banned product commissions – have made financial advice the “preserve of the rich”.
“UKIP is against the RDR on the basis that it is not libertarian,” said UKIP economic and monetary affairs spokesman Godfrey Bloom MEP, who was formerly an independent financial adviser (IFA).
“We believe you should be able to make any arrangement with your financial adviser that suits you both. It is no part of government to directly interfere in liberty of contract.
“The lower and middle classes will not have access to financial advice and it will be a preserve of the rich, which is not what the government wanted.”
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