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‘Bring us your ideas’: Ukip appoints IFA as key economic adviser

Ukip has appointed an IFA as a key economic adviser as the party calls on advisers to bring forward their ideas for its manifesto.

Mark Hughes Associates IFA Mark Hughes, who is a Ukip MEP candidate for the East of England, will advise newly appointed Ukip economic spokesman Steven Woolfe.

Hertfordshire-based Hughes is a sole trader advising clients in the south-east of England. City barrister Woolfe is general counsel for Mercury Jove Advisers which acts as regulatory and legal experts for asset managers, private equity firms and property developers.

Woolfe replaces MEP Godfrey Bloom who was sacked from the party after hitting a journalist and calling a room full of women “sluts” at last year’s party conference.

Woolfe is calling on advisers to propose ideas for regulatory change in Ukip’s manifesto for the 2015 general election.

Speaking to Money Marketing today, he says: “Mark knows what it is like to run an independent financial advice business and he knows the difficulties and challenges of regulation.

“He will look at the impact of regulation that hits smaller firms like his own. He will be able to speak to people in the industry and ask them what they would like to see change.

“We have an open forum and that includes IFAs so I would like them to tell us what is wrong and what needs to change. I am going to listen to them.”

Woolfe says Ukip will focus on cutting the burden of FCA and EU red tape for small firms as he hit out at the impact of the RDR.

He says: “We would repeal the RDR. It is uncompetitive and is based on a concern that IFAs were ripping off their customers.

“The RDR has really hurt small and medium sized businesses. It has seen the closure of large numbers of small firms and the amalgamation of entities. It has given more jobs to regulators, compliance officers and lawyers but has it really helped consumers? Lots of people are not getting access to advice.”


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There are 9 comments at the moment, we would love to hear your opinion too.

  1. Scrap the FCA!
    Shoot all politicians!

    Job done!

  2. Bearing in mind UKIP are highly unlikely to win more than one parliamentary seat in 2015, it’s probably more worthwhile worrying about parties who actually have the possibility of carrying out their manifesto.

    Or, in the case of Nick Clegg and the Lib Dems, ignoring it…

  3. I am sure Mr Hughes is a good IFA but a key economic adviser? Good grief compared to (say) Oliver Letwin he’s going to struggle.

    No disparagement to Mr Hughes, but if that’s the best UKIP can do they are a dead duck. I’m sure Mr Hughes can make a useful contribution, but a ‘key economic adviser’?

    I think UKIP is kippered.

  4. Its encouraging a little!
    Someone on the Financial Advisory frontline so to speak, as it seems all these idiots at parliamentary and regulatory level are so far removed from the real world that they keep making up rules and regulations that don’t work!

  5. Two of Mr Hughes’ proposals should be:-

    1. The creation of a Statutory Independent Regulatory Oversight Committee with the unassailable power to force the FCA to abide ~ to the letter ~ by the Statutory Code of Practice for Regulators and

    2. Scrapping the annuity rates trap at retirement and replace the present dog’s breakfast of options with a Retirement Income Bond.

    If he fails to come up with at least these two proposals, as far as I’m concerned he deserves to be bracketed with the time wasters at APFA.

  6. Bloom didn’t call a roomful of women “sluts”. That’s a lie fabricated by journalists.

  7. Good luck Mark !

    At least you may have some qualifications and/or experience to do the job, unlike a lot of government officials and top job merchants do ?

  8. Repeal the RDR! I’d be one of the first to say that RDR wasn’t a great idea and has been implemented badly but i’m afraid the horse has bolted. The last thing the industry needs now is yet another massive change.

    I agree with Julian, making sure the FCA is accountable and improving the options for retirees should be priorities. I would also suggest that the FCA is forced to define what constitutes the providing of advice and make sure clients know if they are getting it or not.

  9. I and many others are very concerned as to the vast amounts of foreign aid is given while the british people have to do without (cut in all services and the like) Cameron is without doubt a little evil GOD (he thinks so)
    he will not listen to any advice, It is time we in UK put UK first and not to supply ££££££££££ to countries who will one day turn traitor…talking about traitors, why is there no death sentence for traitors such as not so dear Mr David Ca Moron, I wish to call for his execution as a traitor to this wonderful country that is being destroyed by the evil Tory bastards, my grandfather (now passed away) did voice his opinions to many Tories and he was so correct, Please Nigel do something about Evil Ca Moron

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