View more on these topics

FSCS funding review left in limbo

The FSA has refused to commit to a timescale for consulting on reforming the Financial Services Compensation Scheme despite huge adviser anger over the latest £93m interim levy.

It was expected to publish a consultation paper in November but is now waiting for the new regulatory structure to be finalised.

Levies for 2011/12 will be published this week and the consultation process will need to complete this year for reform to affect the 2012/13 levies.

An FSA spokeswoman says: “We cannot move to consultation stage on the FSCS funding review until we have clarity about the new regulatory landscape.”

Lansons public affairs and regulatory consulting director Richard Hobbs says: “There will not be a review until after the legislation about the new regulatory structure has been agreed and I think that is some years away yet.”

SimplyBiz chairman Ken Davy has called on the FSA to introduce a product levy instead. Over 300 advisers have signed a petition at



N&P to transfer advisers to Aviva

Norwich & Peterborough Building Society has signed an agreement with Aviva to transfer its branch-based advisers to the provider. News of the deal first emerged earlier this month. The transfer will see N&P’s 21 IFAs becoming Aviva employees, with Aviva owning the advisers. The advisers will be transferred under Transfer of Undertakings (Protection of Employment) […]

Jelf does not see value in acquisitions

Independent consultancy firm Jelf has distanced itself from future IFA acquisitions after returning to growth this year, saying the market lacks value. The firm delivered profits of £3.1m between September 2009 and September 2010 after losses of £9.7m in the previous year. Overall debt has also been reduced from £30.7m to £7.3m. Jelf previously pursued […]

A chorus of disapproval

Paul Thomas reports on a combative reaction of FSA proposals to take regulatory control of products


News and expert analysis straight to your inbox

Sign up


There are 2 comments at the moment, we would love to hear your opinion too.

  1. How many IFAs have failed? What has that cost? Maybe knowing this would show the unfairness of the system

  2. And let us not forget the further £50m special levy that’ll be dumped on the industry to fund the wind down of the FSA and its the handover to the CPMA. How could any body but the FSA need to spend that kind of money just to stick a new name on the building and change its stationery? Mind you, they probably need to set aside £30m for golden parachutes, oops, sorry, I mean redundancy payments. I wonder what Hector’s payment will be for “loss of office”?

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