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Pos Sol conference: Aifa attacks timing of FSA’s RDR research

Aifa has attacked the FSA for spending its resources on retail distribution review market research now and not before the discussion paper was published.

Speaking at the Positive Solutions Annual Partner Forum at the Birmingham ICC this week, director general Chris Cummings said the FSA should have undertaken this research and gathered proper evidence before drawing up the discussion paper.

He said: “Speculation is fine but I wish they would have looked at the evidence rather than spending money on market research now.”

He says he has no hesitation in walking into the Treasury, Brussels or the FSA armed with the argument that advisers distribute the majority of financial services products in the UK yet have such a small number of complaints against them compared to other forms of distribution.

He told the FSA to stop concentrating on IFAs when looking at the savings ratio as it is a wider issue. “As a society we have fallen out of love with the savings culture, we need a full savings debate,” he said.

FSA spokesman Adam Richards-Gray says: “We are conducting research now as part of the consultation process to assess the potential effects of the ideas from the discussion paper.

The timing means the industry has longer to interact with the review, make sure their voices are heard and keep the debate going. If we had conducted all this research before the DP it would have delayed the review which would not have been in anyone’s interests.”


Grandfathering plan is rejected

IFAs have criticised calls from SimplyBiz chairman Ken Davy for advisers with three years’ experience to be grandfathered into the professional financial planner category.Davy says grandfathering should be available to individuals who have been advising for at least three years with a good complaint record and who opt to work under the customer-agreed remuneration model.But […]

FSA fines mortgage firm and chief over selling failures

The FSA has fined Hadenglen Home Finance and its chief executive Richard Hayes for failures in selling payment protection insurance and remortgages.The firm, based in Ashby de la Zouch, Leicestershire, has been fined 133,000 and Hayes has been ordered to pay 49,000 over inadequate systems and controls when recommending remortgages and PPI to clients.This is […]

Life begins at…

By Fiona Holmes, proposition communications manager Having reached a certain age (it’s the new 40 by the way), I’m having to come to terms with the fact that my peers and I aren’t as immune from illness or death as we’d like to think. That’s the problem with 30 being the new 20 and 40 […]


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