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FSA attacked over ‘flawed’ T&C plans

The FSA’s proposals for cutting back on training and comp-etency is flawed, says the Securities & Investment Institute, which argues that long-term damage will occur if exams in the wholesale sector are removed.

The regulator’s recent T&C proposal, CP 05/10, sets out to reduce costs and bureaucracy while focusing on retail consumers but the SII says it will only achieve a short-term fin-ancial gain.

CP 05/10 plans to cut back the approved persons regime, which requires individuals to be registered to carry out any one of 29 controlled functions.

The FSA says its focus on consumer protection is towards retail, trying to find a balance between consumers who are knowledgeable and those who are not.

It says wholesale consumers are more savvy and able to look after themselves.

The institute says this is risking people “throwing the baby out with the bathwater”, saying the register of APs is such a useful industry tool that it has offered to take over its admin from the FSA.


CA calls for investigation into PPI

Citizens Advice is calling on the Office of Fair Trading to launch an investigation into payment protection insurance, which it says is at best bad value and at worst missold to vulnerable people. Citizens Advice is making a super compaint, which means legally, the OFT has to respond within 90 days.

Jupiter is Unipass favourite

Jupiter is the fund firm that most advisers want to use the Unipass security certificate to conduct transactions with, says Origo. Research by the industry standards body shows that 53 per cent of advisers would like to use Unipass standards with Jupiter, followed by Fidelity (13 per cent), Gartmore (9 per cent), Invesco (8 per […]

A passion for protection

Do you agree that arranging proper insurance against disaster should be the cornerstone of any financial plan for a family or individual not wealthy enough to self-insure? Can you tell from all the ads that insurance generally is clearly a profitable game to be in?


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