FSA should be backing profitable small firms

20 August 2009 0:00 am

I was at a Sesame seminar a few years back at Leeds Armouries (when it was still DBS) where Steve Pearson absolutely assured the audience that the directly regulated small firm would soon be a thing of the past because the FSA was determined to get rid of them.

While that was, of course, a network sales pitch, I think the reference to the FSA's intentions was pretty accurate. It just shows though how daft the FSA is when it prefers loss-making big entities with slack controls over the advice they give to profitable small entities where, in my experience, the owner/manager watches the advice quality like a hawk. No manager looks after a business as well as an owner. Will the FSA ever wake up to that fact of life?

Neil Liversidge

Managing Director

West Riding Personal Financial Solutions

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