Insolvency practitioners are qualified and experienced professionals and need to give commercial and best advice. How does someone qualified only in personal insolvency advise a director in personal financial distress? Or a corporate practitioner advise a company where the directors have personal debt issues also?
It is all very well at low consumer levels but debtors at those levels are catered for with free advice from IPs, CABs, money advice etc. Creating a raft of part-qualified advisors will encourage charging in that consumer market which penalises those in most need. And, if not charging at those levels, the part-qualified may be tempted to stray beyond their skill set to stay in business.
Don't dumb down the profession. It caters for those without means already by offering free initial advice to point people in the right direction and tell them their range of options. If you were investing your savings would you want a financial adviser who only sold ISAs, or one who knew the best options and risks of each investment type for your own circumstances?
Frances Coulson (firstname.lastname@example.org)
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