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FSA investment policy head Peter Smith quits for Dubai regulator

FSA head of investment policy Peter Smith is leaving the regulator in June to become director of policy at the Dubai regulator.

Smith joined the FSA at its inception from the Building Societies Commission.

He has led the regulator’s clampdown on the marketing of traded life settlement products to retail clients, including marketing within the context of financial advice.

Last month, Smith warned the growing traded life policy investments retail market poses a “significant” threat to consumers and said TLPIs and unregulated collective investment schemes should not generally be marketed to retail investors in the UK.

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Comments

There are 24 comments at the moment, we would love to hear your opinion too.

  1. We all know the reason – “collective irresponisbility”

  2. Another person leaving the sinking ship.

  3. Another one bites the dust

  4. Dubai!
    I wonder how tough he will be with the charlatans posing as Financial advisers and Wealth managers who operate from Dubai.
    My guess is they will continue to get away with the lack of compliance and regulation that made them leave the UK for the Middle east.

  5. Gis a job I couldn’t do any worse!!

  6. Just goes to show how little I know about the internal staffing of the regulator, never even knew he did anything useful. Still, not many of them do!

  7. Dubai ? not far enough in my view !!

    I suppose there is nothing here left to regulate, job losses, know one will be able to get PI, RDR will suffocate whats left, oh and nearly forgot ! levies will bleed us dry.

    Hope he has got PPI in case he falls of his camel.

    Hope Woodall goes with too !!

  8. Hmmm

    There isn;t going to be anyone left to hold to account pretty soon.

    Typical.

  9. You couldnt make it up – the man driving the RDR quits before the proverbial hits the fan for a tax free income in Dubai.

    This is the stuff of farce and nonsense – it would be funny in any other walk of life. Clearly he believed in what he was doing at the FSA any principled person would have seen it through

  10. Isnt it amazing that the architects of the RDR are all jumping ship now that they see just what a complete mess this is going to be and they will be long gone beofre the rest of us try to pick up the pieces. That of course leaves the way clear for their replacements to say “Sorry gov but that all happened before I joined so it didnt happen on my watch”. These people are the scurge of the earth. God Help Dubai’s Financial Services. Mind you someone has to think theses people are worth head hunting.

  11. To be fair to Peter Smith, he is actually one of the few whose pronouncements actually seemed to make a lot of sense to me.
    As to the move to Dubai, that could be a good thing for Dubai, but the punishments may be a little worse than at the FSA!
    I take it Peter has either the CISIs qualificaiton in Islamic Finance or the new one that IFS recently started, otherwise he may have a very steep learning curb.

  12. If he screws up Dubai’s market the way he has helped to screw up the UK’s then maybe he will get the true recognition he deserves.

  13. Peter Butcher 8th May 2012 at 1:39 pm

    Hypnotoad moves on. All glory to him.

  14. The RDR should be put on hold and reviewed NOW. If the architects havehad any faith that their plans will work, they would not be bailing out.
    This is just wrong.Someone MUST be held to account when it all goes wrong. The new faces must not be allowed to say “not me gov”
    Andrew Tyrie speak up NOW.
    Which law applies in Dubai if the regulator gets things wrong?

  15. I suppose he hasn’t got as good an excuse as the original head of the RDR (Amanda Bowe) as I think she fell pregnant!
    Now that is that a way we could derail the RDR, shag all the FSA staff before they shag us?
    Hopefully this will be viewed as humerous rather than offenesive, hence why I have used my real name, so people realise it is meant in humour to both Peter Smith and Amanda Bowe as whist I never spoke to Peter Smith, Amanda Bowe seemed genuine, but was towing the party line.

  16. You shouldn’t forget what happened to the last people we sent over to run the Dubai Financial services.
    They were top lads from the FSA Industry but they still got the push when they wanted to set a strict regime.
    I wish him well!!!
    copy-The two Britons drafted in to set up a financial regulator as part of Dubai’s attempt to create an international centre in the Persian Gulf have been fired.
    Mr Hay Davison, currently in Britain, was fired by mobile telephone while the regulator’s chief executive Philip Thorpe, a former managing director of the Financial Services Authority, was escorted from the regulator’s Dubai headquarters.

  17. Compliance and Regulation in Dubai????
    What a joke!!!
    There is no regulation in Dubai and never will be. The Dictator of Dubai allows anyone into the country with any amounyt of cash regardless of the origin. Dubai is the safe haven for all the worlds illegal money including drugs, gun running, and vat fraudsters. They will welcome you with open arms. This man is a donkey (or may be a camel).
    Im amazed that Dubai actually want our failures. No wonder they’re in such a mess out there too.

  18. This also serves to highlight the differences between the regulated and the regulators.

    I can cock up a clients affairs and be chased forever and made to cough up stacks of compo.

    Regulators can cock up an entire nations financial infrastructure causing unquantifiable damage and their reward is another push up the greasy career pole.

    When will the national journalists pick up on this travesty?

  19. Alan Lakey wonders if national journalists will get on the story. All I can say is that this small group of people are the very people who started the crazy clamour for RDR in the first place…

  20. I wonder in the people of Dubai are aware of Smith’s regulatory vandalism and what a risk he is to their investment wealth?

  21. Not just rats, incompetent rats. They just don’t have the bottle to accept the flack when it comes. The whole thing is a disgrace, up to and including the politicians that allowed Sants and his money grabbing mob to get away with it. Shame on the lot of them and on the industry for not standing up for our clients.

  22. It’s the Peter Principle. Right, Peter?

    @Ken Durkin. Many national journalists have told me ‘off the record’ that they think the RDR is a crock of…Sadly, most do not have the appetite to cross the consumer lobbyists even though we all know that consumers will be the biggest losers in this fiasco.

  23. The whole lot of them could bail out for all I care. I’m sick to the back teeth of seeing statements from these people at the FSA knowing fine well they’re a useless bunch of imbeciles and have no idea what they’ve really unleashed on us the practitioner’s and worse of all on the consumers who will have no one to turn to in the future for any type of financial advice. If someone isn’t asking seriously big questions about RDR and why these people are leaving the FSA before implementation I want to know why? Is someone/anyone going to stop this train crash we all know is happening or is it too far down the line to put the brakes on?

  24. There are several ex FSA personnel now employed by the DFSA (and the Qatar regulator too). The regulatory regime in the Dubai International Financial Centre is actually quite strict. However, most of the financial advisors are actually based outside the DIFC and thus are not supervised by the DFSA. They are regulated by a weak regulator and so can get away with blue murder. There are financial advisers everywhere whose sole objective is to rip off clients for commission earnings. Perhaps there is a need for a single regulator and advisers that are professionally qualified and who are fee based……….

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