IFP chief executive Steve Gazzard CFPCM and Andrew Brook-Dobson CFPCM, who is leading the Ethics & Disciplinary Committee, have met regulatory bosses to discuss the matter in more depth.
Explaining more about the talks, Mr Gazzard told Financial Planner Online this week: "Our Ethics & Disciplinary Committee led by Andrew Brook-Dobson want to develop the professional standards and ethics of members and indeed the entire profession, and have been looking at how we can use better awareness and management of conflicts of interest to complement regulatory safeguards by enhancing consumer outcomes.
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"It is our belief that if conflicts of interest are properly identified, managed and/or disclosed that firms will have lower risks, give better advice, have fewer complaints and consumer trust will go through the roof.
"Andy and I met with the FCA last week to understand their approach to ethics and conflicts of interest and will be meeting again to develop this further.
"We are working with them to ensure that we understand their requirements for dealing with conflicts."
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