We are constantly hounded by the FSA who delight at putting another IFA out of business. How do I know? Because I have heard as much from friends who either work there or have left for the more lucrative shore of Dubai, where ex-FSA staff go to double their wages tax-free – pot calling the kettle black?
Thankfully, the FSA’s days are numbered. I only hope the new regulator does not simply re-employ the current bunch in the same way as the PIA, Lautro, etc, before them. We need a new regulator that understands the City, not a rebadged, rehashed version of a rebadged rehashed version.
I am sure that the FSA will take down as many IFAs as it can with them, a bit like the ever spiteful playground bully. It was the FSA who allowed the credit crunch to happen on its watch, it was not the fault of the IFA community, although we are a soft target as a collection of small independent businesses.
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