Many thanks for the rapid distribution of the news. Just when the public were getting to grips with the current polarisation structure, our regulatory friends at the FSA have had to find something to tamper with so that they could justify their employment.
Oh well, resigned as we are to constant change, we will just have to get on with it. The sad thing is that many perfectly good advisers doing a marvellous and highly valued job for their clients might feel this is the very last straw (in a bale of straw) and choose to hang up their laptops, as thousands have done in the last few years.
More important, it will also discourage new talent from coming into the industry and, as keen as we might be to preserve our market share, we would have to be idiots to believe that this will be anything other than harmful to the industry and, therefore, to the public – a population who are already short of anyone to turn to for trustworthy and knowledgeable independent and impartial advice.
One expects that we will now have to embark on the merry-go-round of being courted by all to multi-tie and to be tempted to sell our soul to the highest bidder. What a sad state of affairs but hats off to Sir Mark – you got your way again.
Good luck to you all.
Principal, Abram Lawless Financial Services,
Whetstone, North London