View more on these topics

CA claims half the rulebook could be scrapped

The FSA should scrap much of the regulation which burdens the industry with high costs and replace it with greater product supervision, says the Consumers&#39 Association

Senior policy adviser Mick McAteer is calling for the industry, the regulator and consumer groups to establish a working party which will review the level of regulation affecting the industry.

In his speech at the FSA open meeting on polarisation, McAteer said that up to half the current rulebook could be scrapped and replaced with risk-based product regulation.

McAteer said it would be up to the industry to identify those areas which it felt were particularly onerous as it is the industry which complains that the cost of regulation forces it to charge consumers higher charges on financial products.

He believes the charging structure in with-profits products as well as others such as income protection, income drawdown, equity release and annuities should be covered by direct product regulation.

McAteer said: “This is a bargain we would be keen to strike. We do not believe a lot of the compliance rules have actually helped the consumer, they have just burdened the industry with unnecessary costs.

“Let&#39s have more product regulation and in exch-ange let&#39s scrap half the current rulebook.”


Downing Corporate Finance – Electra Kingsway VCT

Wednesday, 10 October 2001.Aim: Growth by investing initially in Electra investment trust, Electraactive management oeic, fixed interest securities then in unquotedstocks and AiM stocks.Minimum investment: Lump sum £5,000.Opening-closing date: October 2, 2001-December 14, 2001.Charges: Initial 5 per cent, annual 1.5 per cent in year one, 2 per centin year two, 2.5 per cent thereafter.Commission: Initial […]

Old Mutual in attack on supermart rival Cofunds

Old Mutual has made a blistering attack on Cofunds, claiming the average annual returns on funds offered by its supermarket rival are significantly lower than funds on its own Selestia platform.Old Mutual says the annual returns over the last three years on the 31 UK equity funds available from the four founders of Cofunds – […]

Early risers

My wife and I are aged 53 and are in good health. You have seen our redundancy package but I would like to talk to you now about our pension scheme options. I am being offered an enhanced pension of £39,000 or tax-free cash of £112,000 and a reduced pension of £31,000. What do you […]

Massow in deal to buy back his business

The millionaire IFA Ivan Massow has managed to buy back his business on the same day that it went into receivership in a deal last week.The IFA&#39s financial troubles come a year after Massow Fin-ancial Services merged with rival Louis Letourneau&#39s Rainbow Finance to form the Massow Rainbow Group. Letour-neau became CEO of the firm.The […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm