View more on these topics

Clean up the polluters and make them pay

Editor’s comment fo the week

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.

Lee Robertson

Recommended

8

IFAs must spell out what they do

For many people outside the profession, financial services is one of the dark arts. This is hardly surprising – there are 40,000 advisers in the UK, with probably several hundred different ways of advising. Are you a transactional adviser, a wealth manager or a financial life coach? Do you work on fees or commission? If […]

6

FSA loses supervision case against UBS UK wealth chief

The FSA has failed in its attempts to fine former UBS UK wealth management division chief executive John Pottage £100,000 for misconduct after it found a series of compliance problems within the business, according to the FT. The landmark case was the first in which the FSA had tried to penalise a senior manager for […]

MPs raise concerns about unwinding QE

Members of the Treasury select committee have warned not enough is being done to prepare for the unwinding of quantitative easing. The Bank of England has bought £325bn worth of Government bonds from the secondary market over the past three years. Yesterday, during a TSC sub-committee hearing with the Debt Management Office which sells gilts […]

28

Sants’ final speech: Tougher action needed on senior management

Outgoing FSA chief executive Hector Sants has called for there to be greater individual accountability in the event of firm failure and wants to see senior management subject to tougher penalties. Sants (pictured) used his last speech as FSA chief executive to set out firms’ responsibilities in having effective boards, hiring the right people for […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment