Evidence of Capital Gain/Loss - IFA or Accountant ?

artyboy

I've read a few threads like this where there is an IFA to FA shift.

What strikes me as very odd is that, in these days where consumers are 'protected' from making any sort of bad financial decision within a regulated framework, there doesn't seem to be an obvious requirement for the old IFA to be clearly communicating to their clients (in big red letters) that the new FA will not be independent and so this is potentially/likely not in their best interests, not to mention no longer meeting their initial stated requirements of wanting independent advice.

When you factor in the huge backhanders that can be involved from a retiring IFA selling their book, this just sounds like a huge conflict of interest. I suspect that all this information is buried within larger reams of documentation sent to clients, but it certainly doesn't sound like there is a standard and very unambiguous requirement to tell them what is really going on...