Further to the article headlined, FSA placement plan casts shadow on IFAs, featured on page one of Money Marketing, April 12, we would like to give you some background information on the scheme to clarify some points.
The placement scheme has been running since 2005 and 35 firms have taken part so far. Feedback from firms has been almost entirely positive, with many firms offering to host further placements.
Due to the success of the scheme, the number of staff waiting to be placed has increased, which is why we recently contacted Aifa to ask if they would publicise the scheme to their members.
The Aifa communication has prompted 15 additional firms to register their interest in hosting a placement and we would like to thank Aifa for their support.
The placement scheme is purely to complement our internal training programmes and help improve our business capability and effectiveness. This is one of the FSA’s strategic aims as outlined in our business plan.
There is certainly no supervisory agenda and we believe participating firms gain the benefit of being able to raise, in an informal way, any questions they may have about regulation.
The benefit to the FSA lies in the opportunity that our staff have to broaden their understanding of the way firms operate in this sector.
It is in everybody’s interests that supervisors have the ability to apply up-to-date knowledge of industry practice in their day-to-day activ-ities,and we believe this will help us in our aim of deliv-ering a more principle-based approach to regulation.
Retail Intermediaries Sector Team Manager,