Many IFAs like myself must be concerned about the end of polarisation, particularly as it comes after a period of lobbying and action by writing to local MPs asking for their help in regard to fighting these changes.
The question here is that fees
commission was, I believe, a red herring and was nothing short of a cunning plan by floating two big changes, only to “give in” on one.
Polarisation and the “muddying of the waters”, the FSA conceding the far bigger prize of commercial interest to the banks/building societies has gone through.
Hopefully, there will be many IFAs such as myself who have spent many years building up a good business, whereby they have supported the clear water between IFAs, tied agents and direct-sales staff to now find in 2002/2003 that their businesses are being dis-mantled and taken away on the whim of a Treasury minister.
This old question of polarisation and the way it has been introduced would be quite laughable if it was not so serious since it affects all our livelihoods with regard to future earning capacity.
I can imagine the outcry if a solicitor had been told at a dinner that their fees for conveyancing are to be limited to £200.
I for one am not prepared to let the issue lie here and will look for a judicial review as well and possibly take this action to the European Court of Human Rights for restriction of trade and fair practice.
The long and endless introduction of new directives, that is, CP121, CP157, and now new examinations are decimating what was a strong and vibrant body.
There should be no more changes to qualifications since this was the argument first used some six years ago when they introduced FP1, 2 and 3.
The argument is, of course, that this is now not good enough and it is no wonder the chief executive of the CII thought it would be a better idea to have more professionally qualified IFAs although naturally he is impartial in this respect (did we all come off a banana boat yesterday?) Qualifications never resolve anything.
By the way, I have recently set up a stakeholder pension scheme for 1,200 people but I am having difficulty filling in the money-laundering forms Keith Lewis