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FSA forcing us to defraud clients

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&#39s 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.


Standard strikes back at bagger&#39s windfall claims

Standard Life has gone on the offensive against carpetbaggers by disputingthe forecast windfall figures.The company claims carpetbagger-in-chief Fred Woollard is raising falseexpectations among members by suggesting the average windfall would bearound £6,000.Standard says the actual amount paid out in the event of the companydemutualising would be considerably less for the majority of members.It believes the […]

Pecking order is plain to see

In response to Philip Robinson&#39s letter (Money Marketing, April 6, 2000),of course I understand the pecking order of our “regulatory” system.This is why I went to great lengths to use the generic term “regulator”with a small r. I am simply pointing out that there is an inconsistentapproach to differing business sectors.Certainly, opt-out and non-joiners needed […]

CeMap exam holders set to triple to 24,000

The number of IFAs and brokers with the CeMap mortgage exam could tripleby the end of the year.About 7,600 people currently hold CeMap, with 16,368 waiting to sit the exam.The Chartered Institute of Bankers, which sets the exam, refuses to revealpass rates but this could mean 23,977 CeMap-qualified brokers and IFAs inthe next nine months.The […]

Britannic stirs the waves with new brand of &#39EFA&#39

IFAs have criticised Britannic Assurance for muddying the waters betweentied and independent advisers by dubbing the upmarket end of its tiedsalesforce as EFAs.IFAs are concerned the public will confuse Britannic&#39s new group ofexecutive financial advisers with fully independent ones because of thesimilar acronyms.The life office says it aims to recruit 270 EFAs by the end […]


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