It is reported that Jeremy Goford, the outgoing president of the Institute of Actuaries, has noted that the present system of commission payments to independent financial advisers (IFA's) must be changed.
He feels that the current system encourages IFA's to sell products that are detrimental to the interests of the consumer.
One fine example of this, as we know, was the sale of endowment policies in the 1980's.
Goford is reported to have said, that it is the role of the actuarial profession to speak out when they see a flaw.
Now let me see, the "flaw" was in place some 20 years go. It has taken him 20 years to speak out.
How much confidence in the actuarial profession, and the financial services sector as a whole, does that give the poor consumer?