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A mixed record as &#39industry is left to sort out mess&#39

Howard Davies will leave behind a mixed record when he vacates his seat as FSA chairman and chief executive.

Most in the industry are willing to give him credit for bringing together 10 regulatory bodies over the last five years but, equally, many point out that the FSA has often failed to head off or handle crises.

A common criticism is the vast amount of consultations that the FSA under Davies has published, swamping an industry struggling to keep abreast of regulatory changes.

Many IFAs will probably be glad to see the back of Davies. During his tenure, they have seen a polarisation review question their very place in the market and the regulator fumble the handling of the growing professional indemnity crisis.

IMA chief executive Dick Saunders says: “He has got it up and running, you have to give him that. But I do not think his vision of risk-based proportionate regulation has been realised, not by a long way yet. That will be for his successors to achieve.”

Informed Choice managing director Nick Bamford says: “He has been at the helm of an organisation that in under two years has published a staggering 168 consultation papers.

“He has probably done as well as he could have but it will be the industry left behind to sort out the mess.”


Davies move sparks calls for FSA role to be split

FSA chairman and chief executive Howard Davies plans to step down from the regulator next September to become director of the London School of Economics.The shock announcement leaves the industry wondering who and how many individuals will replace Davies in less than a year&#39s time at the helm of the FSA.Davies&#39 contract was due to […]

Cazenove Investment Fund Management – Global Opportunities Fund

Monday, 16 December 2002 Type: Oeic Aim: Growth by investing in companies globally except the UK Minimum investment: Lump sum £1,000 Isa Link: Yes Pep transfers: No Charges: Initial 3.5%, annual 1.5% Commission: Initial 3%, renewal 0.5% Tel: 0800 0159592

Out of context for 2002

•Venice, ah the scent of death – there&#39s nothing like a bit of death for us enhanced annuity boys.” – Britannic Retirement solutions head of communications Jim Boyd on a romantic weekend•”The person you need to speak to is at the vet with his wife. Sounds ominous.” – Barclaycard spokesman Ian Barber•”An IPA? What is […]

Networks need to put emphasis on quality, not quantity

I am appalled by the comments of Frank Cochran (Money Marketing, December 5), where he says that any Rl not producing £100k-plus is “not doing it right”.This is exactly the sort of attitude that has promoted misselling within our industry and will again, along with the FSA&#39s misguided belief that depolarisation and the banks/building societies […]


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