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IFA replaced as head of FCA advisory panel

clintonaskew
Citywide Financial Partners managing director Clinton Askew

The IFA who chairs a panel of small businesses advising the FCA has been replaced as the group’s head.

Citywide Financial Partners managing director and former IFA Association director Clinton Askew has chaired the FCA’s Smaller Business Practitioner Panel since April 2015 after joining the group in 2009.

The panel is one of four statutory advisory bodies to the regulator and represents the interests of small and medium sized firms to the FCA.

Askew, who also sat on the FCA’s Financial Advice Market Review expert panel, will be replaced by Wesleyan group chief executive Craig Errington.

Errington joined Wesleyan, which provides specialist financial services for doctors, dentists, teachers and lawyers, as a financial adviser in 1991.

According to data compiled by support service provider Threesixty, Wesleyan has the twelfth largest number of CF30 qualified individuals in England and Wales.

Recent FCA board minutes show that the panel raised concerns the amount of information small firms were receiving from the FCA “was becoming overwhelming” and that the regulator said it was now looking at ways to address this.

The other adviser on the panel is Taunton-based advice firm Keyte Chartered Financial Planners director Robin Keyte, who was recently reappointed until December 2019.

Errington says: “The panel plays an important part in our industry and I’m looking forward to meeting regularly with the chairman and chief executive of the FCA to discuss the interests of the smaller and medium-sized firms.

“These companies may not be on every high street or be well known to general consumers, but still look after billions of pounds of customers’ money and it’s important their interests, and those of their customers and members, are well represented with the FCA.”

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Comments

There are 11 comments at the moment, we would love to hear your opinion too.

  1. Neil Liversidge 23rd March 2017 at 11:15 am

    I’m unclear why an insurance company employing a direct sales force has been asked to appoint somebody to the Smaller Business Practitioner Panel? Then again, larger businesses run by managers spending other people’s money are usually more concerned with keeping the regulator sweet. Small business people who are spending their own money tend to speak uncomfortable truths to power. Maybe it’s not such a surprise after all.

  2. So we want to be known for great financial advice for the general public with assets or money to be looked after. Why don’t we start with ourselves;
    The LAW Society is associated with LAW yers
    The Personal Finance Society is associated with PERSONAL Finance? How about changing it to
    The Financial Advice Society and then it may get to be known for being associated
    with ADVICE (ADVISERS).
    PROVIDERS perhaps WE could call SERVICE PARTNERS and they could call us PROFESSIONAL ADVISERS rather than INTERMEDIARIES, BROKERS OR ANYTHING ELSE.
    WE could display indicative fees online included in our online T&C’s in % and £’s.
    the FCA and PFS (FAS) could promote the fact that the majority of IFA’s have no charge for the 1st meeting(NO, don’t say at our expense!), The FCA & PFS (FAS) could do more to promote their unbiased lists of IFA’s. PROVIDERS etc. could stop promoting the biased UNBIASED who move you further up the food chain if you pay them more OR the unvouched for VOUCHEDFOR who promulgate unvouched for statement to unsuspecting Clients on their website,
    WE could stop moaning about SJP, display indicative fees on our websites and in our T&C’s, MM could stop their misleading headlines, Govt could have a joined up strategy for retirement savings that was not subject to the regular change of Chancellor, Govt could convert to DC pension schemes for MP’s, Civil Servants, Councils, Teachers, NHS employees, Doctors and thereby save enough money to keep the State Pension ‘triple lock’ for pensioners.
    Many 50 somethings are still hurting from the WP Endowment sales that promised the Earth and delivered sludge. Annuities are at a low point, Politics is ruining global markets, WP funds are not, Consolidators that rise from the flames have MVR’s of 34+% for transfers even within a year of NRD, GOVT sticks with the ubiquitous age 75 for pension penalties even though they have announced that everybody is living longer and therefore the SP is now at age 67 and to be 68, 75 s/be 77 and then 78, GOVT introduces LISAs with more complications than pensions, plus penalties and it is ageist, GOVT sends out a savings leaflet that included Premium Bonds but does not include pensions, Pension Protected Tax Free Cash is only available if you take out an annuity (Pension Freedoms?), the LTA has been eroded from £1.8m to £1m, the AA is about to be slashed to £4,000 for flexible drawdown pensioners.

    So imagine that you land on this Earth with assets over £100,000 and ask some one what is the best way to save for retirement? The answer, obviously is to contact an IFA. BUT we need to hope that they don’t look back 50 years to see the above mess!
    There, that’s all off my chest, I can go and help somebody wit their retirement planning now.

  3. In my experience, a representative from Wesleyan is not an appropriate choice to represent small medium sized businesses in the iFA community. Wesleyan believe they are superior to us lesser IFA morals, dealing as they do with doctors/dentists and the like. They will not accept agency arrangements with IFA firms for their products and it is not possible that they can represent the IFA community effectively.

  4. Agree wholeheartedly with Neil.

    Those not running their own businesses always seem to have one eye on their own future which may compromise their actions

  5. So I take it that the position didn’t get tendered for then?!

  6. Neil Liversidge 23rd March 2017 at 4:33 pm

    I certainly never heard of it. The last time I applied for an FCA panel I was telephone -interviewed by some ‘bright’ young thing who reacted with astonishment and couldn’t end the call quick enough once I disclosed to her that I’d left school at 16 and got a job rather than going to university. Since leaving school I’ve had 37 years’ continuous employment, most of it in financial services, have started and run a successful business from scratch, unlike most if not all FCA employees, and provide employment for others. All that seems to be meaningless however if you don’t have a posh accent and a degree, preferably in ‘gender studies’ or some other equally useless made-up subject.

  7. Computer said no then!! 🙂

  8. Hilarious!!!
    Nice to see them all slapping each other on the back for their “valued” contributions
    FFS in the words of the late great Ian Drury “what a waste”

    In real terms, we hire you, we value your excellent contributions, we reject them all, oh an don’t be surprised if you cease to be part of the gang …..
    It’s your last pole dance kiddo let me slip a fiver, oh and don’t forget to close the door on the way out !!!

  9. The only thing now left to do is a rebrand to the “Large Business and Self Interest Practitioner Panel” and that should do it

  10. Um… according to the interweb he didn’t go to university and worked his way up over a considerable number of years…

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