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Broker Talkback

Do you believe that FSA should name and shame adviser firms that perform badly in mystery-shopping exercises?

NO “Instead of the FSA pointing out the wrongdoings of firms, they should just tell them what they want. The role of the FSA is to maintain confidence in the sector. The more the FSA names and shames people, the less they will be trusted.

Paul White, Belgravia Insurance Consultants

Yes “I don’t see why not. If you have got to be good, you should be good all the time.”

Grant Hughes, Charlwood Leigh

No “Everyone has an off day and the FSA can try and catch someone out if they want to. Everyone deserves a second chance, in my opinion.”

Jamie Ware, Churchill Investments

Yes “I think it would be useful to root out the bad apples, not that there are many. However, if they do that, they should do the same thing with accountants and solicitors as well.”

Mike Shaw, Hedley Asset Management

No “Mystery shopping, by defin­ition, cannot go into the depths that are required to give the proper advice. They are trying to give advice in a few minutes
and nobody can give proper advice on that basis.”

Robin Hunter, Hunter & Co

Yes “I believe it would be welcomed. It’s an issue that the FSA has failed to tackle in the past. I’m not sure, however, if mystery shopping is the best way to go.”

Gerald Daniels, Kingswood Consultants

No “I believe it is a matter between the FSA and the firm and no one else.”

Kieran Platt, Life Direct

No “It all depends on someone’s interpretation and that can be misinterpreted. I believe
it is morally wrong.”

John Stewart, PMI Indenpendent Financial Advisers

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