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 […]
- Top trends
- Top trends
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
FCA chief executive Andrew Bailey says he is concerned about the new Priips regulation. Speaking at the London Business School Annual Asset Management Conference yesterday Bailey said: “I want to be clear that I am concerned about Priips, and I know I am not alone.” He added: “It carries a risk that it is leading […]
The Personal Finance Society has launched a guide for advisers on social impact investing, in light of recommendations to government from an advisory group. The guide was put together by the PFS, with the support of the government’s independent advisory group on social impact investing and the Department for Digital, Media, Culture and Sport. The […]
The debate around how fund managers’ pay incentives should work has been reignited. Firms have started to introduce new cost structures in an attempt to improve transparency, as the FCA steps up its focus on how asset managers assess their value. The companies that have already introduced new fee models claim it will not change […]