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FSA is the biggest detriment to the public

According to Ernst & Young, as many as two million clients could be left without access to an IFA after retail distribution review implementation.

Well, I just wanted to congratulate the FSA for completing what must be a very satisfying job. Through their complete mismanagement and inability to effectively regulate financial services, they have achieved a catastrophic collapse of the banking system by not stopping the endemic greed of those who are involved in lending and also those who borrow.

To add to this, they now want to reorganise IFAs yet again, thereby forcing perfectly good IFAs out of business. There is no need for the RDR and it is time the truth was told, that it is a sop to banks yet again.

There is nothing that can be done for clients under the present regulations that requires the RDR to be implemented and change regulations yet again.

Why does the FSA not leave us alone for once and get on with doing what they patently failed to do, which is to regulate banks correctly? The vast majority of complaints come about banks and not IFAs.

The FSA are constantly going on about restoring the public’s confidence in financial services but the biggest detriment to the public has been the FSA themselves and now they want to decimate IFA numbers which will be an additional detriment to the public.

At the very least there should be a cost-benefit analysis when introducing more costly and unnecessary regulation that does not benefit the public at all.

It really does beg the question, when is someone going to stop the excesses of the FSA and make them properly accountable for their actions, not least within the framework of the law of the land?

David Barnett

Principal, DPB Independent Financial Services,

Edgware, Middlesex

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