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Make your voices heard on FSCS or suffer consequences

Editor’s comment of the week

Response to the editor’s online view, FSCS campaign: Time for Hoban to do a bit more thinking

Instead of kicking Mark Hoban like a group of delinquent schoolchildren, wouldn’t your energies be better used in analysing the basic problem and then flooding the media with practical suggestions?

For example, the FSCS is acting like a PI insurer but after the fact and charging after the fact. More important, it is not risk-assessing the products, it is “insuring”, which has to be the most bizarre process ever imagined.

By the very fact of working in the industry, you are condoning an insurance practice that is insane.

Yet you have no control over the products. You have little enough control over the channels of distribution because you have never given a thought to the process other than to bellyache after the fact.

You may well believe that Hoban is a self-serving politician but do remember that the FSCS has been in place for a number of years without a lot of opposition. You may well believe that the people you paid to represent you were self-serving “politicians” and fell down on the job.

There are a couple of organisations that are trying to represent the adviser community. Give them ideas. Give them your analytical thoughts. They cannot do it all on their own. There is little doubt that without a concerted, intelligent and loud response, your lives will not be worth living in a few years time.

There is absolutely no incentive at the present time for providers to conduct their business in a practical and ethical manner and a significant part of the blame rests with advisers who are willing to sell anything – no questions asked.

Forget about the FSA regulating them – they have only just heard about the Titanic. Quality advisers should be looking at a better way of protecting themselves.

Glen McKeown



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There is one comment at the moment, we would love to hear your opinion too.

  1. Julian Stevens 8th May 2012 at 10:37 am

    Getting our voices heard is one thing, but getting anybody to take action on the message we’re trying to get across is quite another. It’s the same old chestnut ~ lack of accountability on the part of the FSA, as enshrined in the FSMA 2000. Hector Sants himself has said so and that the only way it can ever change is if the law itself is changed.

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