As we begin to understand the potential ramifications of CP121 for the IFA sector, I have a few questions for David Severn which would help us draft our detailed responses.
We are told that the word “independent” is to become a protected word, in a similar way to “royal” or “university”.
To achieve this with the word “broker” took an Act of Parliament – I wonder if we could be given the specific legislative reference to the act that gives the FSA the power to force firms to change name?
I note that the Regulatory Reform Act received Royal assent last April. What steps have been taken by the FSA to reduce the bureaucratic burden on small businesses, in order for them to comply?
I am aware that, back in the real world, we will simply have to deal with the whims of whichever regulator we have this week while trying to comply with the Companies Act and trying to make a profit.
Still, if we do not like this regulator, just wait a while – there will be a new one along shortly.