Key Points.
1. The financial services industry in the UK has been stagnant for decades.
2. Regulatory changes over the past 30 years have done little to transform the industry.
3. Financial advisers in the industry are described as “dinosaurs” who have resisted meaningful change.
4. The industry has failed to adapt to the advent of low-cost products and the availability of financial information online.
5. The passage suggests that the industry is in need of significant transformation to better serve consumers.
The financial services industry in the UK remains unchanged for many years, perhaps even 50.
The last 30 years has seen lots of regulation and during that period of time nothing much has changed, save the access to financial advice has reduced dramatically. Those that are still working in the industry as advisers are carrying on in the same way as they did in the 1970s.
They are absolutely dinosaurs. When the models changed to force disclosure of commissions – they simply made a few changes and carried on as normal. Contingent charging encouraged mis-selling which is still rife.
More importantly, the products and options have changed dramatically with the advent of low-cost products and the internet.
Everything you want to know is available everywhere, all of the time. and the advice industry, just sits in its ivory towers and hope that you won’t do a Google search or all of this information is going to go away.
Moneytrainers is here to help you through this positive climate and to help those of you wanting to take control of your personal financial situation.
Contact me here.
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