Code proposals show product provider influence: Tate

The working group developing the code of conduct for financial advisers has delivered its initial proposals.

An early criticism of the group was that it did not include any practising authorised financial advisers to offer an independent point of view on the market.

Financial adviser and former IFA president Nigel Tate said the proposals, including an option to “aggregate” competency across the adviser and provider, seemed to play into product providers’ hands.

Advisers will be able to meet competency requirements – including a level five qualification for product advice or a degree-level standard for planning – without having those qualifications if the processes of their financial advice provider mean their advice is up to that standard.