Members were keen for greater transparency from the outset regarding any new proposed costs to advisers the new dashboard may have.
Part of the CISI response document read: “ There is a potential for significant additional levies to be applied to our regulated financial advisers, planners and wealth managers who deal with pensions.
“As a profession they are already facing significant increase in FSCS, PI insurance because of substantial DB pension transfer awards by former advisers unable to pay the awards made against them.
“We would thus expect to see a full and transparent calculation of any extra levy that might be applied to the advice community as a result of the proposed Dashboard introduction.
“It is probable that any additional levy imposed as a result of dashboard costs ultimately will be passed on to clients in higher charges made by the advisers for the advice service they give.
“Any increase in charges has the potential to widen further the advice gap, at a time when the public are most in need of good quality advice.
“We would recommend that the main cost of the dashboard should be borne by all those who supply the data inputs
and the costs.”
In responding to the consultation paper, CISI members supported the view of other membership bodies that it is important that there should be only a single dashboard to ensure that consumers are not confused by several potential offerings and that they can feel confident to rely upon the information contained in a single central dashboard.
Another area of concern expressed by the CISI’s Certified Financial Planners and wealth managers was over who will pay for the setting up and maintenance of the dashboard, particularly given the increasing calls on the financial resources of the profession.