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Advisers say red tape is a bigger headache than PI

IFAs feel swamped by red tape and increasing volumes of paperwork.

In a survey carried out for Money Marketing by H2B, red tape emerges as the biggest problem IFAs face from the FSA and Financial Ombudsman Service, cited by 77.8 per cent of 1,002 IFAs questioned.

Lack of help over PI insurance, mentioned by 57.3 per cent of IFAs, is the second-biggest complaint over the FSA and FOS.

The Fair Deal for IFAs survey was carried out last month to gauge IFAs&#39 views on the current marketplace.

Fifty-one per cent of IFAs said the lack of a definition for misselling is a big concern while 46 per cent think a lack of direction from the FSA over what is and is not compliant is a big problem.

Aifa director of policy Fay Goddard is not surprised that the burden of regulation is the biggest worry for IFAs. She says: “Every time that the FSA brings in a new requirement, Aifa questions it.

“We need advance warning if people are actually going to be able to extrapolate certain pieces of data from their systems. I would hope that as firms work smarter, they will start to find it easier.”

Michael Philips proprietor Michael Both says: “Increasing regulation is alongside the escalating costs of doing business. The FSA now want us to do compliance returns electronically. In theory, I am keen on making things as simple as possible but I would be petrified that there could be some hiccup completing everything online.”


DSF products pose problem on menu

The FSA believes the main obstacle to the menu payment system could be overcome if direct salesforces stopped selling their own products and sold products from other providers. FSA head of retail projects David Severn says commission equivalence has been a stumbling block to finalising menu details but it would not be a serious impediment […]

Conservative ideas on pensions

Whenever a group of pensions people get together these days, the conversation seems to get round to the new Conservative Party pensions policy. It is published in a pamphlet entitled “a fair deal for everyone on pensions” and can be downloaded from their website at The pamphlet is co-authored by David Willetts, MP and […]

Fairer rates on stamp duty needed – Savills

Savills Private Finance is disappointed that Gordon Brown&#39s pre-budget speech yesterday did not take the opportunity to introduce a fairer stamp duty regime. Savills believed that the current system of banded rates is hindering sales of properties valued at around the banding levels, particularly the £250,000 band at which stamp duty jumps from one per […]

Value-added tactics

What do buyers value? If time and effort is going into building the value of the business, it is essential to understand what the buyer will value. Here are some of what I consider to be the key contributors to value. As touched on earlier, having an enduring management team – apart from the possibly […]

Nigeria cover image - thumbnail

White paper — Nigeria International Insights

Jelf Employee Benefits closely examines healthcare provision and challenges within Nigeria. This will be of particular interest to HR decision makers with employees based in Nigeria, and assesses the environment, risks, facilities and safeguards that are relevant to organisations that are actively deploying expatriate staff in this location.


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