View more on these topics

Public should pay for FSCS

Public should pay for FSCS I went to the Money Marketing Live show at Olympia recently and before her presentation, spoke to Loretta Minghella of the Financial Services Compensation Scheme.

In her presentation, she went through the different options for a new way of funding the FSCS. The problem is that none of the options allows for a scheme funded by a public levy, like insurance premium tax, making a charge on policies or investments which could possibly be subject to compensation payout.

Thereby, the public would be paying for the protection they require, and not IFAs in particular. The cost of the FSCS has risen from 1,510 last year to 1,819 this year, which represents an indefensible rise of 20.5 per cent.

I suspect that imposing such a regime upon us may be an infringement of our human rights not a flippant remark, but a serious one.

I am not surprised that such an option, as suggested above, is not included. Heaven forbid that something politically incorrect, like the public actually paying for what they want, should be introduced. But it should be, as soon as possible.

The present situation cannot go on and it is time sensible changes were made and the public paid for the cost of their compensation options themselves.

David Barnett, Principal, DPB Independent Financial Services, Edgware, Middlesex


FSA says exploit Mifid opportunities

FSA managing director Hector Sants says the cost of implementing the EU Mifid directive will only be worthwhile if firms exploit the opportunities provided by the directive such as cross-border trade.

SVM launches global opportunities fund

SVM has launched a global opportunities fund which will be co-managed by Colin McLean and Donald Robertson. The independent fund management group’s new fund launch coincides with the appointment of Victoria Lockett as its new investment sales manager.Lockett previously worked at Montague Capital and Skandia and will look after SVM’s intermediary relationships in the Midlands […]

Periodic tables

How is the 10-year anniversary charge calculated on a settlement?

Cob handbook to take Mifid style

Mifid will result in legalistic and prescriptive rules, despite the FSA’s bid for a more principles based and simplified Cob handbook. This is because the FSA says it will attempt to use Mifid language in the new handbook, published next year, to avoid gold plating.

Retirement - thumbnail

Pension freedoms: stop the scams

At the beginning of 2015, we highlighted that the new pension freedoms that come fully online on 6 April also represent a very attractive opportunity for the criminal fraternity to scam savers out of some, or all, of their accumulated retirement savings.


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