View more on these topics

Davies move sparks calls for FSA role to be split

FSA chairman and chief executive Howard Davies plans to step down from the regulator next September to become director of the London School of Economics.

The shock announcement leaves the industry wondering who and how many individuals will replace Davies in less than a year&#39s time at the helm of the FSA.

Davies&#39 contract was due to expire on January 1, 2004, meaning that he is departing three months early for the job at the LSE.

He will leave at a time when the regulator is under considerable pressure over its performance on a number of issues, including the Equit-able Life saga, the mortgage endowment issue, the split-caps investment trust crisis and IFAs&#39 professional indemnity insurance woes.

Aifa, however, says the timing of Davies&#39 departure is a shame as it believes the rethink over polarisation reform is evidence that he is starting to listen to the concerns of IFAs.

Others, including IFAs, politicians of all parties and the ABI, believe Davies&#39 dep-arture is a good time to split the roles of chairman and chief executive, bringing in two individuals to replace him.

Aifa director general Paul Smee says: “He was given an impossible task and he has done it pretty well. I think it is a pity that he is moving on at a time when his actions demonstrate more of a willingness to listen to small businessmen.”

IFA Michael Philips proprietor Michael Both says: “He has had a very difficult job but I do not think he has done a very good job. I think it should definitely be separate roles.

“If in large corporations there is a recognised need for separate roles, in the regulator, there is a much clearer need.”


Premier creates second tranche of bond

Premier Fund Managers has brought out a second issue of the extra income and growth plan, a guaranteed equity bond that is linked to the Dow Jones Eurostoxx 50 index for five years.This product provides investors with a choice of annual income at 6.25 per cent, monthly income of 0.5 per cent or growth of […]

ProACT calls for mutual PI fund for small firms

Birmingham-based law firm ProACT Legal Soli-citors is seeking permission from the FSA to set up a scheme allowing IFAs without professional ind-emnity cover to self-insure.Under current rules, any firm which is part of a group with a market cap of over £50m can self-insure but ProACT wants the FSA to allow smaller firms to be […]

Bristol & West unveils new combined product

Bristol & West has introduced another tranche of the global income and growth bond which combines a guaranteed equity bond with a high-interest account during a seven-year period.Investors can place up to half of their investment in the high-interest account element which pays interest at 5.84 per cent gross a month. There are no penalties […]

Not just for Christmas

He is the ultimate keyperson. Entrepreneurial skills and unique qualities finely tuned. Christmas would be a very different festival without him and the impact on the bottom line for the UK retail trade would be dramatic. Father Christmas is recognised as the leader in his field.But he is not the only key-person in the business […]

Help, I’ve been appointed as a trustee. What are my responsibilities?

Graeme Robb, Technical Manager at Prudential looks at the key duties and responsibilities of a trustee.  This article will consider the following: Duties to be performed on appointment Investment duties Protecting the interests of beneficiaries Keeping accounts and records Distributing property to beneficiaries Duties to be performed on appointment Obtain a copy of the trust […]


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