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Fears raised on principles

Federation of Small Businesses head of policy Andrew Cave has warned that the move to principles-based regulation is creating problems for firms.

Speaking at a fringe meeting at the Labour conference in Manchester, Cave said he did not feel the FSA had the expertise to cope with such an approach and argued that rules were less time consuming and expensive for IFAs to follow.

He said: “For our members, the regulatory burden is less of a problem than the grey areas of uncertainty. Principles-based regulation will create a much bigger grey area and we believe it could damage IFAs. We believe it is precisely the wrong time to be engaging in this and we are urging caution.”


Special agents

Controversy caused by the retail distribution review interim report over who should be entitled or, indeed, required to give advice has stirred old memories.

IFAs facing levy rise over B&B

The FSCS says it is unable to predict if the Bradford & Bingley nationalisation will trigger increased levies on IFAs and the rest of the financial services industry.This week, the Government and the FSCS took on a £14bn loan from the Bank of England to cover the B&B intervention. The authorities hope the sale of […]

Difference of opinion

Two funds for the price of one this week. Allianz RCM Bric stars and Aberdeen emerging markets inhabit a similar space. The latter has come in for criticism over the last few years because despite making excellent returns, it has lagged behind its peer group. Yet if you understand Hugh Young’s investment style, this was to be expected. Needless to say, over the last few months, it has outshone the rest of the global emerging markets sector.


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