View more on these topics

Fair means or foul

Taking my life as editor of Money Marketing in my hands, I would like to make a suggestion about treating customers fairly which may not be music to the ears of every IFA but may make sense for their businesses. I cannot help wondering if it might be possible for advisers to work with the FSA and strike a less oppositional note.

Here is why. Whatever has happened in the industry, I do not believe the regulator is a busted flush. If anything, the political pressure for more regulation may become intense.

Advisers may hope that with all the trouble coming not just from Northern Rock but from global investment banks, they will escape the under the radar, with the retail distribution review put on the backburner and TCF allowed to gather dust for a little while.

Yet it might be better to strike a different note on TCF. Advisers have rightly criticised aspects of the initiative. I still have suspicions about how it could be used by the regulator at a future date but that probably does not add up to an argument not to get involved now. If anything, engaging with TCF lessens the risk of unfair retrospection.

Many advisers resent the implication that they are not treating clients fairly. They claim that there is no need for the initiative. But I take a different view. I do not see why engaging with TCF is a particularly sinister principle. Is there anything wrong with considering your processes, your client communications and your advice from time to time?

Obviously, time is an issue. Advisers will say they are very busy advising and running businesses. However, I think that a convincing argument could be made for advisers to use the opportunity to look at their businesses again. It does not mean stopping thinking for yourselves. It also does not mean that those of you who make a point of watching what the regulator is up to, in case it strays into unfairness, should stop doing so.

The RDR remains a great challenge and despite the important and welcome change of tone, I cannot help thinking that FSA watchers must be vigilant at least until the next paper is published this month.

But for a number of reasons, TCF is one issue on which I would not necessarily fight. I think that going to the meetings with the FSA on TCF, engaging with what it is about and seeing if your advice business and clients can benefit while getting the regulator off your backs for a while might be a good thing.

If you think I am wrong or that I am in danger of teaching you to suck eggs, email me and let me know.

John Lappin is editor of Money Marketing


New Star ties with Emirates NDB Group for property launch

New Star and Emirates NDB Group have announced the launch of the Emirates Islamic global property fund.The fund will be managed by Enterprise Investment Services, the asset management arm of the Emirates NDB Group, and will be regulated by the Dubai Financial Services Authority.The Shari’a compliant fund will focus on Continental European and Asian direct […]

Rock the boat

Leading commentators say the FSA is likely to rebalance its priorities in response to the Northern Rock debacle, with more focus on prudential supervision and less on conduct on business regulation.

The late shift

In all the preand post-Budget excitement over capital gains tax, non-domiciliaries and inheritance tax, some of you may have forgotten that there are some income tax changes taking effect from April 6.

Advisers confident despite volatility

Over half of financial advisers are confident that this year will turn out to be good for business despite the market volatility.Teamspirit’s Hopes and Fears Influence research shows that 58 per cent of advisers have an optimistic outlook.Sixty-three per cent say that the health of the UK economy is their biggest concern, with regulation and […]

In Focus image

In Focus — May 2015: private medical insurance market in Germany

Welcome to the latest edition of In Focus. In this issue, Jelf examines the private medical insurance market for employers with expatriate workforces in Germany. This includes the common challenges faced in sourcing appropriate coverage, along with a selection of available solutions. This will be of particular interest to HR/reward decision makers with employees based in Germany. It will assess the cultural norms, risks and backdrop that are relevant to organisations with expatriate staff in this location.


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