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&#39FSA failed to protect consumers&#39

The FSA is criticised by the select committee for failing to protect


The committee&#39s report says if investment trusts had been regulated,

it would have been easier for the FSA to identify potential problems.

It says if the FSA&#39s investigations into the crisis are is hampered

because investment trusts are not regulated, then the Treasury should

look into the matter.

The report says: “The FSA has had a general responsibility for the

proper conduct of affairs in the financial world. Our judgement is

that the FSA was not as proactive as it might have been in

identifying and responding to the developing dangers.”

AITC communications director Annabel Brodie-Smith says: “We have an

open mind about regulation but are not convinced it is the best way

forward. We would like to see a review on the investment trust

position so people who bought direct can go to the ombudsman.”



You might imagine that as the Perfect Storm of Q1 2003 continues to rip through the investment industry with devastating force, few players would put on their waterproofs and go out into the sodden landscape with Isa consumer campaigns.You would be right up to a point. Quite a few players are conspicuous by their absence. […]

The Miles File

The debacle in the split-cap-ital investment trust market is aheadache that most IFAs could do without and our representatives inthe House of Commons only added to the pain last week by chipping inwith their ha&#39penny-worth on the scandal.Advisers escaped the real heat of the MPs&#39 scorn, which is strange,given that the honourable members are wont […]

Smooth move would be rough

The regulator may be growing overly fond of revolutionary changecheered on by the Treasury.It may be planning to turn the way that insurers do business upsidedown by applying the Sandler with-profits model to conventionalwith-profits.Discussion paper 20 could see various restrictions applied towith-profits – particularly on investment – and, as a result, allinsurers would move to […]


“Yes, I would agree with that because of the care and attention youget from a personal adviser instead of the bulk service in a bank.”Brian Donn, North East Independent Financial Advice “Yes, I think so, because we will maintain our independence and buildup personal relationships with our clients.” Christopher Knox, BeaconHouse Investments “I would say […]


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