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Ditch the Treasury

Standard Life with-profits policyholders have lost out on more than 1bn of investment profit since the insurer was forced last year by the FSA to sell billions of pounds worth of equities from its with-profits fund, according to research.

Can the Government continue to accept that the Treasury is the right depart-ment to have responsibility for the FSA? One would have thought that the Treasury would recognise moves that were detrimental to markets and the economy but it seems not.

Letters of complaint about the FSA’s tactics, interference in operation of markets, tinkering with financial products and sheer amateurism go unheeded or the tactics are brazenly condoned as shown by the repetitious regurgitation of the latest FSA mythology.

We hear of Callum McCarthy’s initiative to slim down the rule book and dispense with the red tape that has slowed down business to a crawl. Yet the reams of paper from insurers get bulkier at each product launch, sales promotion or even simple policy renewal (25 pages long).

Bring back the DTI which is surely better equipped to oversee commercial enterprise – and return our market to the more sensitive arena of self regulation.

Buck LopezCapital Financial Services, IFA

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