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Broker Talkback

Could your firm handle the FSA’s proposed rise in capital adequacy requirements?

Yes 88%
No 12%

Yes “I am going to have to but it is a huge amount of money to expect a sole trader to hold, especially when you consider all the other outgoings.”

Gail Renshaw, sole trader

Yes “We could but we would prefer not to. It makes it increas-ingly difficult for small IFAs and what is to stop the FSA increasing the amount again in the future?”

Jason Shearer, Advanced Financial Consulting

Yes “We are tied to a network and are fine as a result. We may need a definition of what three months of ‘relevant’ annual expenditure actually is.”

Alok Dhanda, Dhanda Financial

No “We already have to deposit a certain sum which is more than sufficient. The timing is wrong and everything is after the horse has bolted.”

John Ash, Charter Consultancy

Yes “We can handle it. It does not seem like a particularly useful change to me but I don’t think it should present a problem to most established IFAs.”

Paul Anglesea, Midas Financial Services

Yes “I am effectively a sole trader but as long as personal assets are taken into account, then I am not that worried. But then I am still not too sure how the RDR will affect me fully as yet.”

John Pidgeon, John S. Pidgeon and Co

Yes “I do not believe that it will be an issue for my firm.”

Chris French, Christopher French

Yes “We hold £250,000 so it is at the back of our minds. It looks like it will only affect the really small IFAs as you do not lose the money.”

James King, Price Bailey Private Clientsadvice

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