View more on these topics

Financial services bodies join forces to resist more EU regulation

UK financial services bodies are calling on the European Commission to establish a genuine single market that eliminates unnecessary barriers to doing business across the EU.

Trade associations including Aifa and the ABI have written a joint letter to EU internal market commissioner Charlie McCreevy in response to the EU Commission’s recent Retail Financial Services Green Paper.

The letter argues cross-border sales of financial products are not a primary concern for financial institutions in Europe because local market differences mean there is little demand.

It also calls on the Commission to focus on consolidating and applying the way existing legislation is applied in European retail markets, rather than burdening the financial services industry with new and potentially costly legislation, except where there are clear benefits.

The letter points out that the UK financial services industry is the most dynamic in Europe, generating 8.6 per cent of gross domestic product in 2005 and employing around 1.1 million people.

ABI spokesperson Erfan Hussain says the ABI supports the emphasis in the Green Paper on maximising consumer benefit, empowering consumers and promoting consumer confidence.

He says: “These are three essential goals if Europe’s citizens are to reap the benefits of an integrated retail market in financial services.

But he adds: “Without full consultation and rigorous cost-benefit analysis, there is a risk that regulatory initiatives will lead to unintended consequences for consumers and providers alike.”

Aifa director of public affairs Tracey Mullins says regulation should not be turned to in the first instance.

She says: “Our main aim for getting involved is to send a message to the Commission that regulation should be the last resort, not the first.”


Teenager shows way for future

It is with some sadness I came across a letter in last week’s Money Marketing from Tom Gardner criticising Brocha Simon’s commendable desire to complete the IFS’s Cefa and Cemap at the age of 16. I was shocked to read such backwoodsman-like comments, especially following the publication of the FSA’s RDR new minimum qualification proposals. […]

HMRC plan may ease IHT reporting burden

HM Revenue & Customs is planning to raise the threshold for reporting chargeable lifetime transfers which it is predicted could reduce advisers’ IHT compliance burden by 75 per cent.The threshold at which CLTs made in any one year will need to be reported will be raised from £10,000 to £215,000 or from £40,000 to £255,000 […]

Trouble ahead - thumbnail

Pensions: trouble ahead?

The pace of change in the pension’s space has been little short of astonishing, and has left thousands of employers struggling to keep their pension policy compliant, and also on the right side of current best practice and governance. Many employers, and indeed many in the pensions industry itself, would like to see a period of no change during the next term of government. This would give all sides a chance to catch up and draw breath. 


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