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Practitioner Panel calls for FSA to justify levy

The Financial Services Practitioner Panel has called for the FSA to provide higher quality supervision of firms in order to justify the increased levies it is demanding.

Addressing the FSA annual public meeting in London this morning, FSPP chairman Nick Prettejohn said: “A demonstrable increase in supervision quality in essential if the substantial increase in fees is to be justified.
“We want to know what we’re paying for.”

Smaller Businesses Practitioner Panel chairman Simon Bolam added: “The increases in the FSA’s budget are unsustainable for IFA businesses. It cannot be underestimated that the levies could potentially wipe out thousands of firms who have never put a foot wrong.”

Prettejohn also called for a fundamental review of the charging structure of the Financial Services Compensation Scheme and urged the FSA to strengthen its cost benefit analysis process.

He said: “We have seen weak CBAs from the FSA which have been seemingly incidental to the decisions it seeks to make.”


Balance the message

The FSA’s most recent PR campaign of enhanced enforcement and apparent willingness to drive companies into bankruptcy will simply cause further consumer concern and affect confidence in the sector generally.

L&G launches two new online tools

Legal and General has launched an online business valuation tool to help SMEs calculate how much shareholder or partnership protection they need.

European deficit falls over quarter

The current account deficit of the 27 largest countries in the European Union (EU27) reached 58.6 billion (50.65 billion) in the first quarter of this year, Eurostat, the statistical office of the European Union, estimates.The deficit is still higher than it was in the same period last year, when it stood at 46.2 billion, but […]

To be and not to be – Multi asset investing with conviction

At Pictet Asset Management we believe active management of asset allocation is the most important generator of returns. What is not to be in our portfolio is just as important as what is to be because good performance is determined as much by the assets you avoid as by those you hold. The FP Pictet Multi Asset Portfolio managers are not wedded to any particular […]


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