Private and corporate wealth advisors, Towry Law says the FSA’s Interim Report of the Retail Distribution Review will help to improve standards across the financial services sector.

London-based Towry Law recently acquired Derry firm, Analysis Financial Advisers.

The FSA’s report recommends that a “clear differentiation” is made between financial sales and advice. The authority states that ‘advice’ should only be provided by completely independent advisors and that the minimum qualification for financial advisors should be increased to diploma level.

Andrew Fisher, Chief Executive, Towry Law, said:“Towry Law supports the step change in the standards required for advisers and in particular the increase of the minimum qualification to diploma level. We would view this as the minimum and encourage all advisers to strive for Chartered Financial Planner status.

“The FSA demands that firms act honestly, fairly and professionally in accordance with the best interests of their clients. It is now up to the industry to embrace the step-changes outlined by becoming more qualified and abandoning.

“The FSA has been very clear that they want product providers to have no part in deciding adviser remuneration. Remuneration must be agreed between the adviser and the client. In our view, the only way to treat customers fairly is to agree with them a fee for services.”