View more on these topics

Comment of the week: The damage of heavy handed regulation

I think the point Nic Cicutti is missing is that our tiny, tiny part of the economy seems to be regulated disproportionately heavily and ineffectively when measured against other industries.

Nic uses crime as a comparison when a far more suitable comparison would be to look at regulation in other areas where people spend money to “buy” things and have personal choice, eg travel, cars etc.

Far more is spent on such items than on financial products and yet the “regulation” generally focuses on making sure the product (the car) is safe and roadworthy, and not on making sure that the “perfect” car to match the consumer situation is chosen. Why? Because so much of it is subjective, as in our world.

I doubt that Nick Bamford’s original point was advocating financial anarchy, but perhaps that if someone buys the pension equivalent of a Vauxhall Corsa when perhaps a Renault Clio may have been fractionally more suitable, it is not that big a “loss” to justify making the whole buying a car process impossibly difficult, long winded, complex and of course needlessly expensive.

Paul Harding

Recommended

2

Case study: Making the most of a redundancy pay

The problem: After having been made redundant a few months ago, the client has been able to secure a new job and without drawing heavily upon his substantial redundancy payment. This was obviously a great relief as the client has a young family with a daughter aged 7. The client is a higher-rate taxpayer and […]

The true benefits of a hybrid approach in a post-RDR world

Over the past decade, the awareness and popularity of multi-manager funds has risen significantly and now accounts for a substantial proportion of the assets under management in the Investment Management Association sectors. ‘Fund of funds’ and ‘manager of managers’ have traditionally been the two approaches used to run multi-manager funds, but in more recent years, […]

2

FOS: IFAs doing a ‘pretty good job’ on complaints handling

The Financial Ombudsman Service says IFAs are better at handling complaints than large financial organisations but it still backs the implementation of the Retail Distribution Review to eliminate commission bias. Giving evidence to the Treasury select committee today, FOS chief executive Natalie Ceeney said IFAs were better, on average, at handling complaints than large businesses […]

FSA cracks down on banned advisers still offering advice

The FSA is cracking down on banned advisers believed to be continuing to give advice. The regulator has announced details of two separate investigations into unauthorised business carried out by banned individuals. The first investigation relates to Gary Hexley and his business partner John Cooper. The FSA has charged Hexley with six offences relating to […]

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