Davidson aims to make FSA aware of the reality of being an IFA
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Davidson: Concerns over European regulation
Newly elected FSA board member Amanda Davidson says her aim is to impress on the regulator’s staff what it means to be an IFA in 2010 and to act in the interest of all advisers.
Davidson, who has been a director of Baigrie Davies since 2005, started as a sole trader and has held roles including director of Holden Meehan and founding director of Chase de Vere.
She served on the board of the Personal Investment Authority from 1999 to 2001 and was a member of the FSA’s regulatory decisions committee from 2001 to 2006.
Davidson is currently a member of the FSA’s financial capability steering group and has just stepped down from her position as deputy chair of Aifa which she has held since 2006.
Speaking to Money Marketing after her appointment, Davidson says: “This is an accolade for all IFAs. Finally, we have an IFA on the FSA board.
“I am obviously not giving up the day job, I will continue to work for Baigrie Davies where I do a lot of client work, so I am no different from most other IFAs in the country. I am hoping that will filter through into my work with the FSA as far as the reality of what it really means to be advising clients in 2010.”
Davidson says EU regulation may well have a bigger effect on adviser firms than the RDR.
She says: “We have got to be concerned about European regulation and indeed global regulation. If we just think about the IFA situation in terms of Europe, we have a unique market here in the UK because about 75 per cent all retail business by volume is done by IFAs. That is not the same in continental Europe, so it is really important that we make sure whatever comes out of Europe does not badly affect what happens to IFAs here in the UK.”
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Readers' comments (8)
Evan Owen | 7 Apr 2010 2:09 pm
I wish you well Amanda, the problems are many and varied..
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Incompetent Regulators Awards Team | 7 Apr 2010 2:49 pm
My advice to you Amanda from a 30 year life assunace salesman/adviser is tell the Tories after the elections to scrap FSMA 2000 as it is utterly flawed from top to bottom.
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GML | 7 Apr 2010 3:00 pm
Great, more bleating - this time from on high,
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Steve | 7 Apr 2010 4:23 pm
Amanda, I wish you luck but I feel its the ant and the rubber tree plant!
The FSA are so far removed from the everyday workings of IFA's they won't give you a chance.
We as IFA's have never been in a worst position, as the old programme says we are doomed!
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John Whipple | 7 Apr 2010 4:32 pm
EU Regulation
Amanda is correct the UK is very, very different from the EU. There a very few IFAs in the whole of France almost as few in Germany and Italy. We do need representation at that level as we are a completely unknown entity in the EU machine.
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Joe Kirby | 7 Apr 2010 4:48 pm
Whilst I also am happy that there will be represenation, I suspect that Amanda will have little idea about the plight of the small IFAs who are the backbone of advice to the soon to be disenfranchised so called 'middle market'. She is welcome to have a chat any time!
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Robert Donaldson | 7 Apr 2010 6:10 pm
I wish you the best of luck and I would ask that nothing changes then she has the balls to resign and tell them why!
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Simon Mansell | 7 Apr 2010 8:56 pm
The FSMA 2000 is bad law. It gives the FSA power to act in contravention of the human rights of those it regulates. The FSA is placed above the courts by virtue of Statutory Authority but not above the ECHR Act. This wrong needs to be remedied and it would be better if healed from within rather than enforced form without. The FSMA has alienated the majority of those it regulates and there is a huge task to win back the trust of the independent community. Personally, I don’t think this can happen from within. The FSA is the child of Gordon Brown and the winds of change are blowing – too little too late Amanda the FSA is beyond forgiveness and beyond redemption – it must go!
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