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Editor’s comment of the week: FSCS reforms are not credible or fair

Comment relating to online article: Adviser costs could rise in FSCS funding overhaul

Got to love all the soundbites they use – stakeholder, engage, fair, unpin confidence. It is like listening to the old (new) Labour spin machines. Sounds impressive but actually means nothing.

The only answer for a credible compensation scheme is a product levy. Right now we have those who are doing the job right, by identifying and avoiding weak or questionable products/service providers, paying for a failed regulatory process that misses the problems in the first place.

Hardly credible or fair, especially when my clients are paying for this.

Greg Heath


Rob Reid glasses 150

Rob Reid: Look to the long term

Just as Wallace takes a simplistic approach to Gromit, offering him “more cheese”, as if that is the solution to everything, Wallace’s lookalike, one Ed Milliband, took the same approach to pensions. Now forgive me but I thought the key task was to encourage people to save. Telling them that all pensions are bad is […]

AFH Financial Group secures £660k to fund acquisitions

IFA firm AFH Financial Group has raised around £660,000 to fund potential acquisitions. The firm’s most recent acquisition was a £725,000 deal for Cheltenham-based IFA firm Specialist Solutions, which was fined £35,000 by the FSA in April 2011 for promoting unregulated collective investment schemes to clients without properly assessing suitability. The acquisition was the firm’s […]

Plugging the advice gap

The RDR is predicted to exclude many people from advice but there are big opportunities for any business that can crack this market

FSA fines Turkish Bank £294k for anti-money laundering failings

The FSA has fined Turkish Bank (UK) £294,000 for widespread money laundering breaches which created an “unacceptable risk” that the bank could be used to launder money. Between December 2007 and July 2010 TBUK provided correspondent banking services for nine Turkish Banks and six banks in Northern Cyprus. Correspondent banking involves the provision of cross […]


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