No one can argue with Philip Robinson (Money Marketing, April 6). Clearly,
the Trea sury makes all the decisions about regulation.
However, since July 1, 1994, we have been led to believe that the PIA (now
the FSA) are the only advisers to the Treasury.
They also have virtually unlimited powers to take any action which the
Government would sanction.
Mr Robinson's last paragraph is not clear. Am I wrong in assuming that he
is referring to “investors” whose contracts are included in the pension
This firm received perhaps 1 per cent of replies from investors who said
they had been “badly advised”.
A further 33 per cent (about) seemed to think that the Government is
carrying out a review and they may as well have their transactions checked,
especially as the TV ads seem to promise them “£4,000 or perhaps more”,
apparently cash in hand.
The cost of the review ` as done by IFAs is paid by current clients. My
firm has spent 25-30 per cent of total contracted hours on the admin of the
review. So far, not one penny has had to be paid in compensation. Thus, we
feel we are being forced by the FSA to defraud our current clients.