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Would you support a product levy to partly fund the Investors&#39 Compensation Scheme?

"It is probably the only fair way of doing it. It certainly would have my support."

Peter French, Troy French & Partners

"It is outrageous. The cost of compensation would not fall on the people who have caused the problems. I would be unhappy if consumers are hit. If an IFA stitches up a consumer, the IFA should pay the penalty."

Gareth Marr, Moores Marr Bradley

"If you go back to the Financial Services Act, it indic ated that, if consumers require protection, they should pay for it. A product levy would help to speed payment of compensation."

Denis Brown, Denis Brown Insurance Brokers

"If the product levy had been around five years ago, there would not have been the problems of the ICS levy and the PIA may never have come into existence."

Alan Harris, Harris Investment Management

"I am in favour of it but the problem is that it may be viewed by consumers as a tax. Certainly that was the view of the insurance companies when the idea was proposed before."

Roger Sanders, Roger Sanders Associates

"I would be in favour of the system. It would remove the iniquitous position of IFAs. We get a bill and we cannot pass that on to consumers."

Nick Conyers, Pearson Jones

"We feel that a product levy would go some way to pro tecting the client and lifting the full burden from IFAs."

Vivienne Starkey, Haddock Porter Williams

"There are a dwindling num ber of people capable of paying and so we have to find a way which does not create escalating costs."

Simon Hudson, M&E Network

YES 88%

NO 12%


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FSA launches scathing attack on Prudential

The Financial Services Authority has publicly humiliated and savaged Prudential&#39s management for failing to put investors before costs. The attack this week is the result of a monitoring inspection which forced Pru to pull its 5,500-strong salesforce off the road for three days in June. The FSA found: “A deep-seated and long-standing failure in management […]

FSA warning on Year 2000 compliancy

The Financial Services Authority is putting pressure on financial firms to ensure their computers are Year 2000 compliant. Chairman Howard Davies told a regulation conference in London last week that firms must be Year 2000 compliant by the end of next year. In the spring, the FSA will take over the regulation of all firms […]

The sands of time

The Financial Services Authority is launching a public information film this week to raise awareness of the pension review. The film, which features an ostrich, urges people to respond to letters from life offices about the review and to find out if they are affected.


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