The snappily-named ‘Exemptions from restrictions on the promotion of non-mainstream pooled investments’ rules say that, if a ‘high net worth’ client signs a declaration to say they earn more than £100k, have more than £250k to invest and are of sound mind, we can effectively flog them the highest of high risk stuff. Such as non-existent holiday developments in obscure tropical locations. We’ve always avoided this like the proverbial. High risk stuff is obound to bite you on the bottom eventually; and those ‘high net worth’ clients are more likely and able to take their advisers to the cleaners. It’s still, alas, a much abused loophole which, hopefully, the regulator will close. Although, once again, don’t hold your breath.
“Worry for profession as young adviser numbers plummet”
There are around 31,000 advisers currently authorised by the FCA to give advice. Of these only around 6% are under 30 and 84% of all advisers are male. There are 209,000 solicitors, 7,000 young ones enter the profession each year and 52% of all solicitors are now female.
