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FSA requirements hard for small firms – MCCB

The MCCB says that regulation will require firms to submit six monthly reports of around 15 equivalent &#39pages&#39 electronically.

The MCCB believes this requirement may result in small firms with a lack of resource or internet access being severely over-burdened,
with some firms potentially being forced out of the market.

MCCB chief executive Luke March says: “Together with the disciplinary sanctions in place, and the time and cost pressures of reporting twice a year, I fear that many firms may be severely affected by this extra burden. If firms are forced to leave the market, this in turn may reduce competition and consumer choice in the intermediary sector.


Correspondent&#39s View

With Christmas just around the corner and more things going on than you can shake a stick at, it is typical that half the office has gone down with flu while the rest are using up the holiday allowance they are not allowed to carry over into next year. The office is eerily quiet apart […]

Lehman buys sub-prime firm

US investment bank Lehman Brothers has acquired specialist sub-prime lender Preferred Mortgages in its second foray into the UK retail market. Preferred will continue as a stand-alone mortgage business but says, with Lehman Brothers behind it, it will be able to build its business. Lehman, which had global assets of over $48bn in 2002, bought […]

Assureweb call for tech shake-up

Assureweb has attacked rival technology providers for making their systems and websites too difficult for advisers to use. Chief executive officer Charles Bryant wants provid-ers to review their offerings and recognise that “the levels of IT literacy vary massively among users”. Adviser Forum research estimates that IFAs could save £71m ayear by getting existing policy […]

Independent view

I have never forgotten Gary Player&#39s famous quote “The harder I practise the luckier I get.” You can translate this into “The more meetings I have the more business I write.” It is not quite as easy as that. Simply practising harder will not improve your golf unless your practice is focused and of a […]

Generation Rent

By Denise Wond, marketing manager We’ve heard a great deal about Generation Rent in recent years but what does it actually mean for consumers and advisers and has the face of the typical renter changed? The picture is certainly more diverse than it used to be. Homeownership is at its lowest point in 30 years, […]


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