View more on these topics

FSA set to recruit providers as watchdogs

Advisers have been warned to expect providers to check on the quality of advice given.

Unity Homeloans compliance director Mike Davies says he expects the FSA to confirm later this month that lenders and insurers will be given responsibility to police their distributors’ advice across the financial services spectrum.

At Financial Services Scotland, Davies said: “In the next few weeks, the FSA will give responsibility to providers for checking whether a product sold by an adviser is appropriate.

“The discussion paper will make lenders 100 per cent responsible. That will take us back to where we were a few years ago but the FSA has not fully taken on board the practical implications. Advisers may have the provider on the phone checking consumers are getting what they expected to get.

“The industry could get smaller as enforcement action increases as those that are not doing things correctly exit the market. But it could be a field day for those that get it right.”

Complete Mortgages & Loan Services compliance director Bill Warren said: “Advisers should prepare by virtue of doing what they should be doing every day, which is making sure they give good advice.”


Domestic science

The fall in the Chinese domestic market is due to a combination of factors but we remain positive.

US loan growth is not painting a pretty picture for the US economy

Written by Mike Riddell One of the current big debates in global financial markets is whether investors should believe ‘hard’ rather than ‘soft’ data, where the usually reliable business and consumer surveys have been suggesting strengthening in global growth momentum for some time now, while the economic data that feeds through into the Gross Domestic […]


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