View more on these topics

FSA’s retail strategy reforms are too onerous, says FSPP

The FSA’s recent retail strategy reforms are not cohesive and the burden on firms is too great, according to the Financial Services Practitioner Panel.

Speaking at the FSA Annual Public Meeting today chairman Nick Prettejohn said that while he supports the target outcome of treating customers fairly, he believes the regulator’s focus has become too strong.

The Panel believes that the TCF program has become excessively preoccupied with “granular detail”, turning TCF into a series of process oriented tasks rather than focusing on outcomes.

He added: “I’m concerned that TCF has become disproportionate and is taking up too much resource at the FSA. It has been over detailed and insufficiently risk based in its application.”

The Panel has called for a fundamental overhaul and review of TCF and says it welcomes the FSA’s decision to conduct some detailed work on assessing the costs, burdens and impact of TCF.

Recommended

One million homes to be built in two UK regions

Over one million homes will be built in the East Midlands and the South West region by 2026 if government plans to tackle housing shortages are given the green light.

PMS launches Halifax exclusive

Premier Mortgage Service and Halifax has launched an exclusive two-year fixed rate available for remortgages, first time buyers and homemovers.

Barclays boosts investor exposure to China

Barclays Stockbrokers has launched a new investment note to give investors access to Chinese equities and agricultural commodities.The five year growth investment is linked to the performance of a basket of equities and commodities and is designed to provide 125 per cent of any rise in the basket.Forty per cent of the basket is weighted […]

Powerful estate planning tools ignored or forgotten by wealthy Brits

Canada Life IHT Survey 2016 Only a quarter of wealthy Brits have sought professional estate planning advice to ensure their families don’t pay more tax than required More than a quarter don’t even have a will and just one in five have gifted money Many say they do not need these tools but families would […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com