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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.”

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