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61% of advisers say FSA struggling to do its job

The FSA once more received a vote of no confidence last week as 61 per cent of advisers indicated they believe the regulator is struggling to do a good job.

Results from a poll of 600 advisers at the LIA conference revealed that there is still deep dissatisfaction with the regulator in light of the Equitable Life debacle and rising professional indemnity insurance rates.

The poll also found that 96 per cent of advisers believe the price cap for stakeholder products should be increased. Forty-three per cent believe the price cap should be above 2 per cent whereas only 2 per cent believe it should remain at 1 per cent.

LIA public affairs director John Ellis says: “Problems with getting regulations up and running is that people look for instant results. It is very easy to point the finger in criticism. We recognise that there is still quite a long away to go.”


ABI to publish CI jargon busting guide for IFAs

The ABI has begun consulting on a guide to critical illness insurance definitions. As revealed in Money Marketing last month, the guide will be an aid to IFAs, customers and claims assessors, to help them understand the meanings of medical definitions. The trade body hopes it will result in improved information through advisers and fewer […]

Mortgages Direct deploys Competent Advisor online

Mortgages Direct is to deploy the Competent Advisor training & competence solution throughout its financial services arm as part of its preparation for mortgage and general insurance regulation. The broker says it has chosen the online solution because it addresses the requirements of the MCCB and FSA Fitness and Competence regimes for ongoing mentoring of […]

Product matters

You may groan at the thought of another New Star fund and wonder how this one can differentiate itself from some of the other funds in the stable. Well, for a start, its UK special situations offering is a tiny fund at only £2.5m and it is not being run by a fund manager you […]

TLI on the hedge of a global battle

Towry Law faces prolonged and expensive legal action that could result in the IFA firm paying compensation of more than £300m to disgruntled offshore investors. It has been alleged by investors that Towry Law International has missold hedge funds and geared with-profits policies around the world. The Hong Kong Securities and Futures Commission and the […]


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