View more on these topics

FSA is seeking third MD to focus on IFAs

The FSA intends to give retail regulation and consumer education more clout by creat-ing a third managing director position below chairmanHoward Davies.

The new post will carry direct responsibility for the IFA market.

The move comes as Davies reveals the PIA board will step down later this month aspart of the move towards toa single regulator.

Speaking at the FSA&#39s first AGM last week, he gave IFAs a vote of confidence, saying there is “no evidence” thatthey lack technical knowledge.

The new director will have prime responsibility for consumer relations, insurance and investment regulation.

The post will be advertised in the near future. The new appointment, to be made by Chancellor Gordon Brownin the autumn, means some changes will be made to the responsibilities of the two existing managing directors.

Head of financial supervision Michael Foot will continue to take charge of deposit-takers and markets together with his overall financial stability responsibilities.

Phillip Thorpe will continue to take charge of authorisation, enforcement and fighting financial crime. Chief operating officer Paul Boyle now has responsibility for human resources as well as information systems, premises and finance.

The FSA is to look for a chairman for its new regulatory decisions committee.

Davies&#39 pat on the back for IFAs came as he spoke about plans to overhaul the exam system for IFAs and tied agents. He said any changes would be in response to the changing marketplace rather than addressing any shortcomings in IFAs&#39 knowledge base.

He said: “The new post will considerably strengthen the FSA&#39s decision-making and overall management structure. It will bring a stronger focus on retail regulation and consumer education to our board discussions.”


Summertime – and the consulting is far from easy

It is summer and there is a definite temptation to allow a touch of frivolity to creep into this column.For example, I have invented a new pastime called the Management Consultants Game in which you try to string as many consecutive nouns together in a manner which can still make sense (as defined by a […]

Skipton rewards membership loyalty

Skipton Building Society is giving its long-term members up to £1,000 in loyalty bonuses in a drive to show its commitment to mutuality.Mortgage and investment accounts holders who have been with the bank since September 30, 1996 will each receive an interest credit to a maximum of £500.Nearly 300,000 members including qualifying children will benefit […]

Axa plan may start wave of orphan fund payouts

Plans by Axa to pay former Axa Equity & Law with-profits policyholders £400 windfalls from orphan assets could herald a wave of payouts by life offices.Both CGNU and Prudential confirm they are considering following Axa&#39s lead.Research by Schroder estimates life offices have around £44bn in orphan assets. This flies in the face of the commonly […]

Britannia&#39s flexible loan offers loyalty incentive

Britannia Building Society is offering a flexible mortgage which rewards the loyalty of its borrowers as competition in the market intensifies.Borrowers receive a 0.15 per cent discount on the interest rate if they keep their mortgage with the building society for five years. After 10 years, the discount increases by a further 0.15 per cent.Existing […]


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