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Lord Hunt calls on FSA to relax regulatory burden

IFAs are forced to spend too much time dealing with regulatory requirements and the multitude of industry reviews is threatening to drive them out of existence, said Lord Hunt of Wirral last week.

In a speech to the House of Lords, Aifa chairman Hunt told peers that independent advice is crucial to convincing people to save more.

But he warned that IFAs are forced to spend too much time dealing with paperwork and bureaucracy instead of providing advice. He called on the FSA to consider how it can ease the regulatory burden faced by IFAs.

Hunt said recent initiatives such as decision trees and comparative information tables play a limited role and “seem to leave many consumers cold”.

He highlighted the savings gap identified by the Oliver Wyman report and the Government&#39s concern over the falling savings ratio but pointed out that pension provision is higher than elsewhere in Europe.

He said: “All these reviewers must bear in mind that the central objective concerns getting people to save in the right products at the right time. Advice – independent advice – is crucial to this process. Constant fiddling with market structures is as likely to interfere with that objective as it is to promote it.”

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