New IFA business launched

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A new firm of financial advisers has been launched in Cornwall.

Duncan Cameron, who is heading up Truro-based Cameron Lewnes Independent Investment & Financial Planning, says he has launched the firm specifically to embrace the wide ranging challenges presented by the Financial Services Authority Retail Distribution Review (RDR).

He explained: “All firms from the start of 2013 will be expected to operate on a fee basis rather than commission, possess a higher level of technical qualifications for advisory staff and provide improved clarity about the type of services they offer to clients.

“It is conceivable that many existing IFA businesses will struggle with the transformation expected of them and with an estimated 60% of IFAs thinking about leaving the profession, it would leave many clients having to look for an alternative adviser.”