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PARLIAMENTARY AND STAKEHOLDER UPDATESBack

RMIReport1People/political parties

• Prime Minister David Cameron announces a new measure to end discrimination in the graduate recruitment process (PM will announce that organisations will pledge to recruit on ‘name blind’ basis to address discrimination).

PM announces new measures to eradicate gender pay inequality

Press release – HM Government – PM Office, The Rt Hon David Cameron MP, The Rt Hon Nicky Morgan MP, Department for Education and Government Equalities Office

David Cameron says “Opportunity is nothing without equality” as he announces steps to remove barriers to success in the workplace.

• new steps include forcing larger employers to publish information about their bonuses for men and women and extending plan for gender pay gap reporting
• announcement is part of wider plan to help women and black and minority ethnic (BME) groups across Britain as part of this government’s determination to extend opportunity to all

Full release: https://www.gov.uk/government/news/pm-announces-new-measures-to-eradicate-gender-pay-inequality

Which? calls for greater IFA fee transparency

Press release – Stakeholder – Which?

New Which? research reveals that independent financial advisers (IFAs) are not being up-front with potential customers over what they could expect to be charged for advice.

We analysed the websites of 500 UK IFA firms and found more than two-thirds (349 firms) didn’t publish their fees and charges online, giving customers no advance indication of what they could be charged.

We want all IFAs to disclose charging structures on their sites so customers know up-front what services are likely to cost and can shop around. IFAs are required to give prices to clients before an agreement is reached, but this usually happens at the introductory meeting. We believe customers should have an indication of what they will pay before committing to meet advisers face-to-face, where they could face a full sales pitch.

The Financial Conduct Authority (FCA) currently states that it is ‘best practice’ for IFAs to display fees online, but we are calling for the regulator to look at whether it should be mandatory for IFAs to display fees on their websites.

Full release: http://press.which.co.uk/whichstatements/which-calls-for-greater-ifa-fee-transparency/

For further information on any of the above, please contact Katy Recina, RMI Policy Officer on 0207 307 3422.

Posted by Sue Robinson on 30/10/2015