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Legal hurdles will stop factoring ban

The FSA will not be able to legally impose a blanket ban on factoring in the retail distribution review, says Sesame.

Chief executive Ivan Martin told delegates at the Money Marketing RDR and Economic update last week that the inclusion of factoring will be a big contributor to the success of adviser charging.

He said: “It is one thing to ban product provider factoring but another thing entirely to ban factoring in totality. I do not think it is legal to do so.”

Bankhall managing director of IFA services David Golder said: “The idea that the FSA can kill factoring is absolute nonsense without a complete change of regulation.”

The FSA is looking at banning factoring under the RDR but says it will listen to arguments for standardised factoring and commercial factoring as part of the consultation process.

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