David Whitely was hugely successful in promoting the policy interests of the Industry Fund movement at the same time as the FPA was a dismal failure at promoting the interests of financial planners (or consumers for that matter).However, we are left with many contradictions and a lot of hypocrisy, here are just two examples: Whitely campaigned against vertical integration in financial services yet the Industry Funds now remain strongly vertically integrated with in-house incidental advice being provided for the purpose of promoting in-house pension products and general retention. Whitely campaigned against product fees flowing to advice businesses, whilst he campaigned heavily for Fee-For-Service to be compulsory. What is rarely acknowledged is that Industry Funds now provide Fee-For-Service advice at below cost to their members, whilst subsidising this advice service from their own product fees. This now allows Industry Funds to undercut independent advice businesses.
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