MEP hits out at RDR plans
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MEP Godfrey Bloom has attacked the FSA for forcing advisers to requalify as part of the retail distribution review, saying the resulting exodus of IFAs will mean many customers will be left “abandoned” without access to advice.
In a video posted on You Tube, Bloom (pictured), a MEP for the UK Independence Party, praises IFAs as “unsung heroes” for the financial advice they give to clients.
He also criticises the FSA for presiding over “the biggest regulatory shambles we have ever seen,” and goes on to slam the regulator for being incompetent and inexperienced.
In a letter to Money Marketing this week, Bloom also responds to the dismissal of an appeal to disclose legal advice the FSA received against imposing a 15-year long-stop for IFAs.
In his letter Bloom says: “Perhaps the time has come to withdraw co-operation from the FSA until the matter can be put to a court of appeal that abides by the principles of English law sadly lacking in financial regulation.”
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Readers' comments (54)
paolo standerwick | 11 Aug 2010 3:24 pm
Seems to me he's the only politician with a Brain!
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Anonymous | 11 Aug 2010 3:26 pm
Hurrah! Someones awake!
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PD Off | 11 Aug 2010 3:26 pm
A politician with common sense.
He must feel very lonely out there on his own
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Anonymous | 11 Aug 2010 3:28 pm
At last an MEP and a Party (UKIP) prepared to stand up to the unelected civil servants that are allowed to dictate their unvoted for demands onto our financial services industry regardless of the increased costs to the British public.
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Simon Honey | 11 Aug 2010 3:31 pm
Will he manage to really put the CAT amongst the Pidgeons, or will he not be able to attract backing from the others in Wetsminster.
I some what doubt it will make much difference.
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Alan Lakey | 11 Aug 2010 3:33 pm
Godfrey is a member and patron of Adviser Alliance and his views are mirrored by thousands of IFAs who feel oppressed by the political/regulatory junta that currently presides.
It is also true that advisers have fewer human rights than terrorists and begs the question, what has this country come to when upstanding citizens, who assist in creating much of the UK's wealth, suffer persecution by regulation, potential ruination by the flouting of the Human Rights Act and denigration to the status of second-class citizens by parliamentarians who lie and deceive in pusuit of their preferred vision.
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Anonymous | 11 Aug 2010 3:34 pm
A politician talking common sense.
What a surprise, he is not from the mainstream parties!
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Mister Maker | 11 Aug 2010 3:39 pm
I wish someone would publish something other than anecdotal evidence to support the claim that all these people will suddenly be left with out access to advice.
It is nonsense and contrary to all manner of market behaviour. If there is demand then someone will supply - it may not be in the current guise but someone will supply it. There needs to be a focus on evolving as an industry and profession.
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peter toner | 11 Aug 2010 3:39 pm
Re-qualifying is a difficult sitation.
To make those that cannot afford advice have to pay for it is not Treating Customers Fairly
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Anonymous | 11 Aug 2010 3:42 pm
Praise the Lord.This guy is spot on. Move over Hector, this is how to do your job, good old fashioned sane thinking.
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