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MM leader: Saving is not a mission for failure

Treasury financial secretary Mark Hoban has rejected Money Marketing’s call for the new regulator to be given a specific objective of increasing saving rates and protection levels.

Speaking at the Conservative conference this week, Hoban said MM’s campaign goal would set up the Consumer Protection and MarketsAuthority to fail. We disagree.

Giving the CPMA a statutory objective to “have regard” for increasing saving and protection levels would create a more balanced and constructive regulator.

This is not about creating hurdles to trip up the new regulator or handing out gold stars or wooden spoons depending on specific targets being met. It is about creating a shift in regulatory focus to ensure policymaking encour ages rather than restricts access to decent saving and protection products.

There is concern that the retail distribution review will lead to fewer people getting access to advice as adviser numbers drop and clients are shed.

This outcome has been created because the FSA’s policy objectives are skewed far too much towards a narrow view of consumer protection without paying enough attention to the dangers of consumers not saving enough or failing to protect themselves.

As Prime Minister David Cameron continues to preach about a big society which empowers individuals it seems strange his Government is so quick to reject ideas that look to encourage personal financial responsibility.



Ray Boulger: FSA is biggest threat to mortgage market

John Charcol senior technical manager Ray Boulger says the FSA is the biggest threat to the mortgage market. Boulger’s claim follows the release of Council of Mortgage Lenders research which shows 3.8m mortgages – or 51 per cent of loan applications – would not have been granted if the regulator’s Mortgage Market Review had been […]


Online advice cannot tackle complex issues

If you take everything you read in the press at face value, you will often only see a story from the acutest of angles. Sensationalist headlines, backed up by an edited, out of context quote from an industry commentator or, worse, an unnamed “insider”, combine to paint either the bleakest or most optimistic of pictures. […]


The FSA’s professional foul

If something is good for consumers and you regulate it too closely and thus stop it being widely available, you are causing consumer detriment. The FSA is about to do something that will cause many consumers to suffer destitution. It seems too late to stop it. This is a cautionary tale. It starts, as ever, […]

Nucleus in £15m issue to pay Sanlam debt

Nucleus is planning a £15m rights issue to pay back the company’s debt to South African insurer Sanlam. Founder and chief executive David Ferguson says the fund-raising has been discussed informally for the last 18 months and has secured big shareholder support. It is expected to be comp-leted by the end of the year and […]

Rise of the machines

Head of Sustainable Investing at Royal London Asset Management, Mike Fox, looks at the case for including artificial intelligence within a sustainable investment strategy. Read the article in full here The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get […]


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