View more on these topics

Ex-Tory economic secretary criticises review culture

The Government is weighing down the FSA and the industry with constant unnecessary reviews which compromise the independence of the regulator and provide little benefit to consumers, claims the head of the stockbrokers&#39 trade body.

In a speech to the Scottish Financial Enterprise annual dinner in Glasgow last week, Association of Private Client Investment Managers and Stockbrokers chief executive Angela Knight criticised the Government for restricting the independence of the FSA.

Knight, a former Conservative Treasury economic secretary under John Major, said the Government must realise that problems will occur in the financial services industry and the answer is not always to launch an inquiry.

She said: “While the FSA is independent of the Government, the Government is not keeping its distance from the FSA. It is instigating review after review. Myners, Sandler and Pickering are three. The banks have had the Cruickshank review and the outcome of the Higgs review on non-executive directors will result, no doubt, in further changes to corporate governance.

“The net effect is an environment of costs of change without obvious comparable benefits to the consumer.”

A Treasury spokesman says: “We have reviews of specific issues but the overall goal is to strike a balance between the protection of consumers and the interest of industry.”


Enronitis hits IFAs&#39 confidence

More than half of IFAs are more cynical about stockmarkets now than they were before several high-profile accounting scandals rocked the industry, according to Witan Investment Trust. Its survey of 100 advisers in September found that 52 per cent are warier about markets than before scandals such as Enron and WorldCom became public. However, it […]

Warning on protecting intellectual property

Many financial services firms are failing to protect their intellectual property, leaving themselves exposed to the risk of attacks by competitors, according to patent and trademark lawyers Marks & Clerk.A survey commissioned by the company shows that although 93 per cent of financial services firms with a turnover of £5m or more believe that protecting […]

Bitter suite

Treasury reviewer-in-chief Ron Sandler&#39s vision of low-cost, easy-to-understand, lightly regulated products is to become a reality.The Treasury will issue its views imminently but if anyone wanted to question the commitment of the Government and the FSA to implement of the new regime, they need look no further than the Tiner report, which says the products […]

Independent view

During the 16 years I have been in this industry, we have seen, in my opinion, a steady decline in service standards. It is a concern that we may now have come to accept such abysmal standards as the norm or have we?There used to be at onetime regional branches with local inspectors visiting regularly, […]


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