View more on these topics

Cause for complaint

I have been reading the December 9 edition of Money Marketing in relation to the FOS seeking regulation for no win/no fee endowment complaint handlers.

It always amuses me when I read this as it seems to me that this growth market is one that has been created by the impression that the FOS scheme is one way against advising firms.

With no intrinsic right of appeal internally and evidential rules and cross-examination of complaints being something which is the exception more than the rule, there is little wonder that the cottage industry has complained.

There is no way that there will be separate regulation for this type of firm. Where would they sit? They are not law firms and they are clearly not fin-ancial services businesses. Therefore, they will fall out of the ambit of both acts.

It seems to me that having created this industry, the FOS does not want the ramifications that it will create. There is no doubt that this cottage industry will mean more firms closing, resulting in higher regulatory costs.

The way the complaints handling and creation is going, there will be very few firms left to respond to them and in a perverse manner, the FOS burden will reduce.

Gareth FatchettFinancial Services Legal,Birmingham

Recommended

Galaxy closed to new investments

The longer we manage our fund of funds at Hargreaves Lansdown, the greater the similarities we see between fund of funds management and traditional equity fund management. The equity fund manager performs company analysis to determine the quality of businesses and to ensure they are not paying too much for the quality. This involves finding […]

14th winning year for fund star Miller

Legg Mason value fund manager Bill Miller has beaten the S&P500 index for an unprecedented 14th consecutive year despite lagging the market by 5.6 per cent as late as the end of October. The $1bn Dublin-domiciled value fund, a mirror of Miller’s US-based $11.8bn value trust, posted growth of 4 per cent in sterling terms […]

Severn is up to the challenge

Your editorial challenges the wisdom of David Severn’s appointment as Aifa director general on the grounds that he is not a practising IFA. It is a matter of history that Paul Smee, when appointed, was in a similar situation but clearly had all the skills to deal with the challenges presented by the regulator and […]

Singapore cover image - thumbnail

White paper — Singapore International Insights

Jelf Employee Benefits assesses key trends within the international private medical insurance provision of organisations with employees in Singapore. Benefit structure, cost management and healthcare facilities are examined and key considerations are highlighted. This edition will be of particular interest to global human resource directors and benefit managers with local and expatriate populations in Singapore.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com