25 Jul 2008

Call for exemption from Financial Advisers Bill

10:24 am on 25 July 2008

The Association of Citizens Advice Bureaux is demanding its members be excluded from the Financial Advisers Bill.

Under the bill, the Securities Commission will become responsible for policing financial advisers, but there is criticism the legislation has cast its net too widely.

The view of the Association of Citizens Advice Bureaux puts it at odds with the Federation of Family Budgeting Services which has called for voluntary groups to be covered by the legislation.

Association chief executive Kerry Dalton has told Parliament's finance and expenditure select committee that if the organisation's members are covered by the legislation, they will have to stop providing information about financial matters.