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Public being driven into arms of the banks

The FSA has always been a quango of Gordon Brown’s Treasury and their only interest is boosting the empire at Canary Wharf.

Where were they when Equitable Life had problems, which are still not resolved because it will cost the Government money? Where were they when Brown raided the pension funds?

Where were they during the Northern Rock problems and the problems of the banks generally? The shareholders lose out on rock-bottom share prices that affect the value of pension funds. The FSA are supposed to be a watchdog. It would appear that we need a watchdog to regulate them.

For years, the banks have provided poor advice on financial services and complaints are 92 per cent against banks.

Yet the FSA are interfering with independent financial advisers’ pay and earnings’ structures, which is not their remit. They would like to see everyone pay fees but the public as a whole do not like paying up front and many cannot afford to, so the FSA’s RDR kicks in, telling companies how to pay, which will drive most of the public straight into the arms of the banks who are not trusted and are limited in the advice they give.

Finally, how hypocritical of the FSA to award themselves bonuses.

Cliff Linsdell

IFA, Newton Abbot, Devon


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Once upon a time there was a fairy tale about a whole nation that was so stupid that when they were told that the king was wearing fabulous clothes, although in fact he was naked, did not want to appear to be the odd one out and seem daft so they pretended to see these wondrous clothes.

Leading Edge – April 2017

There is little doubt 2017 will be a year of political uncertainty. Leading Edge is Royal London Asset Management’s regular review of investment markets. This edition explores some of the impacts that this uncertainty is having on investors, from the pitfalls of prediction within UK equity investing to the dangers of opting for convenience over […]


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