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Easter slams ‘intolerable’ cash rules

New capital adequacy requirements could be intolerable for many small IFA firms, says Money Portal head of strategy and distribution Alan Easter.

He also says he is not convinced by the purpose of introducing an independent professional standards board as the industry already has a number of exam bodies as well as IFA and consumer lobby groups. He says there needs to be more clarity over how such a non-industry body would operate and what powers it would have.

Easter believes the new label of sales adviser will cause confusion for consumers. He says: “There is nothing wrong with sales. In fact, our industry needs it to encourage people to provide for themselves rather than having to rely on the welfare state but what is wrong with calling a salesperson just that?

“The FSA’s consultation paper and discussion paper were both good pieces of work but the original Gleneagles’ challenge of widening consumer access to financial services seems to have been lost in the conversation.”

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Bank cuts rate by 1%

The Bank of England’s Monetary Policy Committee has cut the Bank base rate by another 1 per cent to 2 per cent.

Tories could ditch personal accounts

Conservative Shadow Work and Pensions Secretary Chris Grayling says the Tories would consider ditching pension personal accounts in favour of auto-enrolling employees to existing stakeholder schemes.

Failure was in regulating credit

I was intrigued to read about Andrew Fisher’s letter to the Prime Minister regarding consumer behaviour being driven by the commission-based sales structure of retail financial advice, which seems well wide of the mark.

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