The Lib Dems are considering setting up a separate government agency to assess independently the burden on industry caused by the FSA and other regulators.Shadow Chief Secretary to the Treasury Chris Huhne told Money Marketing in Blackpool he has been in discussions with the Dutch government about a model it uses to make an independent report to parliament detailing the impact of regulation. Huhne says the leader of the Dutch Liberal Party has told him the agency has managed to substantially cut the burden of compliance and admin costs on business while preserving the objectives of regulation. He says the proposals are worth looking at as the chorus of complaints against the FSA and other regulators mounts and the issue shoots up the political agenda. The MP for Eastleigh is a contributor to the controversial orange Book of economic liberal policies. He believes that an independent review body could be combined with sunset clauses on all new FSA regulation and regular reviews to help tilt the balance towards more effective regulation. Huhne says when he was an MEP he helped introduce sunset clauses, ensuring regulations passed by the European Commission and the finance ministries lapse after four years and he believes this can be replicated with the FSA to stop “over-indulgent” regulation. Huhne will be leading the LibDem review of tax policies, expected to finish next spring and to be put to next year’s conference, and he says “everything is up for grabs”.
The FSA is going back to investigate the self-certification mortgage market clearing the sector just two years ago after a probe by the BBC’s Money Programme claimed to uncover malpractice.
The future of financial advice for protection is hanging in a precarious balance. Never before have we seen such a threat to the value of professional advice.
Home information packs will be an unavoidable disaster and hit the first-time buyer market hard, according to a panel of mortgage industry experts at a panel debate on the future of mortgages. Association of Mortgage Intermediaries director Chris Cummings said a working group set up by the association is “extremely worried about Hips” and is […]
Old Mutual says it will launch a hostile takeover bid for Skandia Life.
Royal London Asset Management’s recently appointed Head of Global Equities, Peter Rutter, explains how asking the right questions at the right time provides insight for global equity investing. He offers an overview of his Life Cycle approach. Read the full article here The value of investments and the income from them is not guaranteed and […]
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
The Government should consider allowing people to lower their contribution rates to 8 per cent under auto-enrolment to prevent a potential spike in opt-out rates over the next few years, AJ Bell says. Contribution rates are due to rise to 5 per cent in April this year and 8 per cent in April 2019 with […]
French asset manager Carmignac has called for more clarification on the new research costs rules under Mifid II as it claims rival firms have wrongly stated what the directive means for their business. Speaking to Money Marketing after an event in Paris, Carmignac managing director Didier Saint-Georges referred to asset managers as “cheeky” in their […]
Five overlooked government credits and allowances advisers should look out for