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730 advisers sign IFAPAC petition for FSA management overhaul

The Independent Financial Advisors Political Action Committee’s petition to Gordon Brown to change the senior management at the FSA received 550 signatures on its first day.

The petition, launched on the Downing Street website on Wednesday, now has 732 signatories.

IFAPAC says FSA senior management has failed in its job to protect the financial well-being of consumers.

West Riding Personal Financial Solutions director Neil Liversidge, who founded IFAPAC in July, says he has “no confidence in the FSA to regulate either competently or fairly under its current management”.

The petition states: “Whilst recognising that there are many competent, hard-working and well meaning people working for the FSA, by failing to properly regulate banks and other major financial institutions the FSA’s management has seriously harmed the financial well being of the UK population and now by over-regulating small businesses it threatens to make financial advice unaffordable to those people at the time they need it most. People need encouragement to save, not barriers.”

“We believe its current policies will prove disastrous to both businesses and consumers alike.”


Fund business hits August record

Investment Management Association figures show net retail sales for funds reached £2.2bn in August, a record for the month and up dramatically on £58.7m in August 2008. Equities took £696m followed by corporate bonds with £338m and the UK absolute return sector £235m.

PPI redress could cost industry £232m

The FSA’s decision to force firms that sold PPI to review 185,000 previously rejected complaints and redress any consumers who have been missold policies could cost the industry up to £232m.


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There is one comment at the moment, we would love to hear your opinion too.

  1. Please forgive me
    The point about current management doesn’t make much sense to me, we had a couple of fall guys and one or two timely departures, John Tiner in particular. Perhaps a list of those considered to be at fault over the banking crisis together with evidence supporting any claims of maladministration or whatever they are accused of is required, oh, and how about a list who what, when , why, where and when in chronological order? With regard to over-regulating I can see an argument for proportionate supervision because to date it has been nothing of the sort for IFAs who are demonstrably the best disrtibution model has it? Just a word of warning though, cut out the verbal abuse and the politicians who might be making up the next government could be your friends, continue with the current bombardment and you will surely mess it all up yet again. I speak from experience.

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