View more on these topics

LIA wants FSA to take back industry qualification role

The LIA says the Financial Services Skills Council should be stripped of its responsibility for qualifications and have it handed back to the FSA.

LIA head of public affairs John Ellis says handing this responsibility over in total to the skills council would be “risky” and a better approach to reviewing the T&C regime would have been to examine and fill gaps in the existing system.

Ellis believes the FSSC should not be the lead body for control of qualifications, arguing that the present system is already modular and that feature could have been developed further.

He criticises the FSA for scrapping the entire system and starting again and says moving to “appropriate” examinations will result in an inability to confirm that individuals have the necessary knowledge to do their job.

But FSSC director David Jackman believes the FSA does not have the processes or the competence to run a qualifications regime and that even if it did, it would need to seek approval from the skills council, adding an extra layer to the regime.

Jackman says: “I set up the system at the FSA and know it is something they do not want to do. The LIA seems to have a chronic misunderstanding about what we are trying to do.”

Ellis says: “The industry should be required to refer to a list of qualifications enforced by the FSA, not the FSSC. Only in this way will there be certainty we will achieve the desired outcome, that appropriate know-ledge is tested and kept up to date.”


Ex-AITC director Harris joins Cicero Consulting

Former director of the Association of Investment Trust Companies David Harris is joining Cicero Consulting as a senior consultant specialising in the retail investment funds sector, with a focus on product development. Harris is a director of three investment trusts and has worked with JP Morgan Fleming, Isis, Collins Stewart, Edinburgh Fund Managers, Exeter Fund […]

FMG sees sun rise on emerging three

FMG Fund Managers is taking advantage of the revival in the Far East and emerging markets by introducing the FMG rising3 fund. This multi-manger hedge fund focuses on three countries &#45 China, Russia and India &#45 with a different fund manager responsible for each region. However, the managers will all short-sell overvalued equities and buy […]

Unit-linked sales boosted

Rising confidence in the stockmarkets has brought a boost to sales of unit-linked funds, according to the ABI. Its latest figures show individual regular-premium life and pension business at £863m for the third quarter of this year, down from £947m in the second quarter and £917m in Q3 of last year. However, the ABI points […]

Painless extraction

Anybody who runs their own business should be aware that they are making an investment. Whenever a business owner makes a choice with regard to the use of funds in the business, an investment choice is being made. Much like any other investment, a business is a means of delivering an income – usually taken […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment