Online response to last week’s article in Money Marketing, Cann calls for new definitions
Nick is right to bring attention to this subject. While the long-stop issue is at least as important as the categorisation issue, they are not mutually exclusive.
Ensuring the appropriate sectors are correctly categorised is a key issue for us all because of the growing dissatisfaction over the continual requirement to find, at short notice, special levies to the Financial Services Compensation Scheme for firms which appear to have had little meaningful supervision, even if whistles were blowing across the land about their activities.
The polluters appear to rarely pay and that plays havoc with capital adequacy and reinvestment into client services. I therefore support what Nick is doing by raising the subject for serious discussion.