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IFAs say FSA has failed to protect public

Sixty-four per cent of IFAs think the FSA has failed in its duty to protect consumers since the start of the credit crunch, according to Opinium Research.

The Independent Voice survey conducted by Opinium shows that more than 90 per cent of advisers feel the Government pays too little attention to their concerns, with 46 per cent convinced that a Conservative Government would be better. Only 6 per cent believe the FSA has done a good job of protecting consumers during the recession and 72 per cent say the FSA has failed over the last five years.

In July, FSA director of retail policy and conduct risk Dan Waters said the regulator was “alarmed by the complacency in some quarters” about the risk of protection misselling.

Just over 20 per cent of advisers agree that IFAs are complacent about the risks of protection misselling, while 74 per cent feel the regulator’s claim was unfounded.

Opinium Research director Dan Foreman believes the Tory party has found favour with the majority of IFAs.

He says: “IFA confidence in the FSA is low and this may explain why the majority of advisers are in favour of a Conservative Government, given their proposal to abolish the FSA. There are also significant numbers of advisers who think that the Tories will be much more open to listening to adv- isers’ concerns than the current Labour Government.”

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As explained in last week’s article on the child trust fund, the initial payment of £250 is made to the CTF for all children born on or after September 1, 2002, with the top-up being made on their seventh birthday. Children who have their seventh birthday from September 1, 2009 onwards will receive the second £250 payment made directly into their CTF account.

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