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RDR: CII says IPSB would be more effective than FSA

The FSA has missed an opportunity to restore consumer trust in financial services by scrapping plans for an independent professional standards board, according to the Chartered Insurance Institute.

CII chief executive Sandy Scott says he is concerned about the FSA’s proposals to take on responsibility for professional standards itself, rather than forming an IPSB.

He says: “Today’s announcement by the FSA is not surprising but we do feel it misses an opportunity to help restore the public’s trust and confidence.  

“In our view an independent body, separate from both the industry and the regulator, would be better placed to help rebuild public faith in the financial services industry.”

Scott says the CII will closely consider the FSA’s view of alternative assessments, which now extends beyond oral exams.

He says: “We have submitted our proposals to the FSA about work-based assessments and we will take a close look at what the FSA has set out. Ultimately the public will be the judge of whether these proposals will help rebuild trust and confidence in the market.”


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For the pension world, 2009 should have been a year of significant change, as the Personal Accounts Delivery Authority hit its stride and started to get to grips with the design for the new pension scheme. Although the year began smoothly, the rollout of personal accounts hit various roadblocks over the following months. Pada continued […]

Derek Stuart: where to find value in the UK?

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