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FSA should be backing profitable small firms

I am starting to wonder if big firms and networks can ever be viable after all the failures and losses of recent years. How ironic it is then that the FSA is trying to exterminate small firms which present the least risk and whose owner/managers have the greatest vested interest in ensuring their successful continuation.

I was at a Sesame seminar a few years back at Leeds Armouries (when it was still DBS) where Steve Pearson absolutely assured the audience that the directly regulated small firm would soon be a thing of the past because the FSA was determined to get rid of them.

While that was, of course, a network sales pitch, I think the reference to the FSA’s intentions was pretty accurate. It just shows though how daft the FSA is when it prefers loss-making big entities with slack controls over the advice they give to profitable small entities where, in my experience, the owner/manager watches the advice quality like a hawk. No manager looks after a business as well as an owner. Will the FSA ever wake up to that fact of life?

Neil Liversidge

Managing Director

West Riding Personal Financial Solutions

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