View more on these topics

FSA reinforces message to industry on RDR

The FSA reinforced its message at the IFP conference in Manchester last week that the proposals in the retail distribution review are industryled initiatives.

Retail intermediaries sector manager Sharon Campbell repeated the FSA’s mantra that it was members of the industry not the FSA who had constructed the paper. She said: “There is no point in us trying to enforce something because we will be accused of dismantling the industry.”

Campbell said the FSA will be speaking to more than 500 firms over the next month to gather industry opinions and seek feedback.

She stressed that advisers need to understand that the RDR is only a discussion paper at this stage and has not yet progressed to the consultation or policy-making stages.

She said: “We have received 140 responses to the paper and are still looking for more. We want a diverse range of views.”

Campbell also criticised past regulation which she said failed to address core issues.

She said: “Regulation in the past has focused on symptoms rather than getting to the root cause of problems.”

Campbell said the goals that the FSA are trying to achieve of improving the quality and clarity of services is likely to require industry and regulatory change.

Broadway Financial Planning managing director Simon Williamson, who chaired the session, said he believes the term professional financial planner needs to be changed.

He said: “We need to re-phrase the title of professional financial planners so that it automatically becomes a professional mark. You would never say ‘a professional solicitor’ or ‘a professional doctor’ because you just know that they are. That is where we need our title to be.”

Williamson also said he believes there is little point in changing the definition of independent. He said: “There is some consumer understan-ding of what independent means so I don’t think it would be beneficial to change it.”


TMP buyout system to cut out churners

The Money Portal has launched a practice buyout system that values businesses by as much as six times annual earnings but penalises advisers for any perceived churning.The system, unveiled at the Sage conference in Alicante this week, will apply across TMP’s businesses and forms part of its response to the RDR.The What If? system rates […]

Shah plans to use Ucits III powers on special sits

Fidelity UK special situations manager-elect Sanjeev Shah will continue using the wider powers of Ucits III on the fund once Anthony Bolton steps down from fund management in 2008.Speaking at the Fidelity investment forum in London last week, Shah said he has used Ucits III powers on his European mandates in the past and will […]


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