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Brodie warns FSA to keep its eye on big listed firms

The FSA needs to spend more time and resources monitoring the activities of the listed IFAs according to Master Adviser director Doug Brodie, who warned that a Mack truck may be heading the regulator&#39s way without it even being aware.

Brodie, one of Sesame&#39s biggest member firms, told FSA managing director David Kenmir that the regulator does not appear to be paying enough attention to the IFAs, who are collectively losing “thousands of pounds each day”.

He said if one of the listed firms – Berkeley Berry Birch, Cavanagh, Inter-Alliance, Lighthouse, Millfield, Prestbury and Sesame – went bust, the knock-on effect on the rest of the IFA community would be substantial through the Financial Services Compensation Scheme.

He urged Kenmir to ensure the FSA was aware of the potential problems with these firms rather than spending all its time minding smaller firms.

Kenmir said the FSA was well aware of issues surrounding the listed IFA sector both through the Listing Authority and the regulation of the retail sector.

Brodie says: “The FSA needs to make sure that it does not spend all of its time teaching people the Green Cross Code when it is about to get burned down by a Mack truck.”


Bristol & West – 4.89% Easyflex Offset Capped Mortgage

Type: Capped-rate offset tracker mortgage Tracker term: Lifetime of loan Tracker rate: 0.89% above Bank of England base rate Payable rate: 4.89% Capped term: Until June 30, 2006 Capped rate: 5.89% Minimum loan: £25,001 Maximum loan: Up to 90% of valuation subject to a maximum of £500,000, up to 70% of valuation subject to a […]

&#39Budget changes will not affect ScotEq RIT&#39

Scottish Equitable says changes to the taxation of gifts with a reservation announced in the Budget will not affect the relaunch of its reserved interest trust. The company says the product is the first discounted gift trust to allow a choice in the way withdrawals from capital are made. The RIT allows investors to potentially […]

Tories will offer compensation if they win election

The Conservatives have for the first time vowed to offer compensation to Equitable Life investors if the Government is found to be at fault and they are re-elected. In a letter to Parliamentary Ombudsman Ann Abraham, shadow financial secretary Andrew Tyrie said that the party should award compensation if maladministration was found. He is asking […]

MBNA poised to buy Egg – reports

MBNA is believed to be about to buy Egg from Prudential after reentering the bidding for the internet bank. The auction began in January but initial bidders Royal Bank of Scotland and Lloyds TSB have since withdrawn their interest. Reports suggest that the offer from US credit card giant MBNA may be the last chance […]


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