View more on these topics

MPs join in calls for FSA to respond to concerns

The Money Marketing protection campaign is hitting the agendas of politicians, with Government and Opposition MPs putting pressure on the FSA to respond to the sector’s concerns.

Labour MP for Edmonton Andy Love and Liberal Democrat MP for Richmond Park Susan Kramer both support the campaign.

Kramer, who also sits on the Treasury select committee and is Treasury shadow spokeswoman, says she is “shocked” that customers who buy protection products on a direct basis and those who go through advisers are not on an equal footing when it comes to access to the Financial Omb-udsman Service.

Kramer earlier this month used the platform of the TSC to criticise the FSA for creating a confusing advisory framework since depolarisation and commended our campaign for highlighting the perp- lexities when buying products.

She is calling on the FSA to clarify why consumers get different levels of protection from different distribution channels.

Love is calling on providers to take the initiative and make sure that their sales process clearly explains the differences between advised and execution-only consumer protection while at the same time calling for the FSA to act.

Kramer says: “People are generally intimidated by financial products. This sounds to me like a terrific campaign and I think we should get some explicit answers from the FSA as to why all customers are not on an equal footing.”

Love says: “The new regime has been conceived to encourage greater competition but I am very concerned but what seems to be an oversight by the FSA to create a full coverage for all consumers.

“Although my suspicion is that change can only come from the FSA, there is noth- ing to stop individual prov-iders from making sure that their sales literature is clear on what can and cannot be provided.”

The FSA says it is aware of the campaign but would not comment.


Commercial break

IFS head of faculty financial regulation Mark Roberts says brokers should take a look at the commercial property market and be willing to gain the qualifications to reap the rewards

Regulation’s poor showing

One of the most com- mon accusations against consumer-facing financial journalists is that we are always calling for tougher regulatory measures to control industry activities at the expense of common sense.

Commission down by 500m, says LifeQuote

LifeQuote has revealed a massive 500m drop in commission in the protection market which it believes is largely caused by mortgage regulation. It says advisers are shying away from protection, anxious at the growing UK compensation culture and added pressures from the mortgage and general insurance regimes. Lifequote says with sales continuing to look static […]

Advisers turning more to web-based training

Commercial pressures and new technology have forced a sea change in the way that advisers are choosing to receive training and development support, according to Sesame head of proposition delivery Andrew Oliver. Analysis by Sesame among advisers has highlighted a shift in preferences for how people receive training and while face- to-face workshops continue to […]

How QE is distorting the gilt market

By Mike Riddell The moves in gilts in August were truly exceptional. Volatility in the gilt market (based off 10-year gilt futures) has soared to close to the highest levels seen this millennium, on a par with the eurozone debt crisis of 2011/12 and behind only the global financial crisis of 2008/09. The first distortion […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm