Opt-in is ‘big brothering’ relationships that should be left to advisers and clients to sort out between themselves, and will only confuse and annoy customers.
This is the assessment of OneVue CEO Connie Mckeage, who believes that trust has become a major issue when it comes to opt-in provisions.
“I think the real challenge in the industry with the opt-in issue, is I think added a layer of distrust to a sector that is already trying to find their own raison d’etre. So you’re seeing a lot of changes in the platform market; you’re seeing a lot of changes in the advice sector; you’re seeing challenges and evolutions on manufacturing,” she told Wealth Professional.
“All of a sudden opt-in comes along and it looks like the regulators have lost sight of the customer. Because the issue is that if every single provider is starting to ask a customer [to opt in] – and remember most people do not have all their assets in one place – you can imagine the level of confusion.”
Mckeage added that, while she is “quite an advocate” of a lot of FoFA’s intentions, and that transparency should be encouraged, she believes that opt-in could see clients deluged with communications from various suppliers.
“I think that all of the clients are going to get quite confused, they’re going to be disenfranchised with the sector, because a lot of them don’t want to be bothered. All of a sudden they’re not only bothered, but they’re bothered by a litany of providers,” she said.
“There would have been a better way to deal with it. It’s going to be a cost to the industry, it’s going to be a disruption to the client base, and I think more importantly it is ‘big brothering’ relationships between two parties that really should be left to sort it out in their own right,” she added.
“Transparency is the key issue – not legislating a relationship.”
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