The FSA is effectively proposing to privatise regulation, according to a leading financial services lawyer.
CMS Cameron McKenna partner Simon Morris says last week’s FSA discussion paper on how trade body guidance can supplement FSA high-level rules could create a confused landscape with a number of pseudo-regulators emerging. Morris says the proposals could herald the return to a cottage industry approach to regulation akin to 20 years ago. The FSA’s discussion paper says industry guidance should supplement not replace FSA rules but the regulator could give a stamp of approval to any supplementary trade body guidance. Morris says: “I am very uncomfortable about what the FSA has planned with regard to industry guidance. It looks like the privatisation of regulation, with the FSA removing itself from its regulatory role and asking someone else to provide it.” FSA spokesman Robin Gordon-Walker says: “We will not be looking to outsource or privatise regulation and cannot, due to regulatory responsibilities. The creation of industry guidance is a matter for industry which will then be followed by FSA recognition on a case-by-case basis.” Newcob, p25Hundreds of people who lost most or all of their final-salary pensions took to the streets of London in protest on Sunday. The Government is refusing to compensate them despite the Parliamentary Ombudsman’s recommendations. The marchers stopped off at Downing Street to hand in letters written by their grandchildren. Purnell rules out help, p7Recommended
Threesixty sponsors IFP
threesixty has become a sponsor of the Institute of Financial Planning. The service provider has sponsored the IFP because of the high level of cross-over between its own client base and the membership of the IFP, a body committed to the development of financial planning. Partner David Ingram says: “The IFP’s objective of helping its […]
HBOS could pay trail for retention business
HBOS is considering introducing trail commission on retention business instead of full proc fees in a raft of plans unveiled this week. The lender is in talks with sourcing engines to ensure its retention products appear on them to broaden distribution. HBOS is also considering launching a part-ownership, part-rental scheme for first-time buyers. BM Solutions […]
Lenders are arrogant over payment cover, claims Carr
Lifesearch head of protection strategy Kevin Carr has accused the mortgage industry of “arrogance” over payment protection insurance. He claims that lenders have washed their hands of responsibility after the Council of Mortgage Lenders expressed its surprise last month that MPPI was referred to the Competition Commission along with the rest of the PPI market. […]
Leading questions
It will take real leadership from politicians prepared to introduce radical solutions to incentivise retirement saving in the UK, says Informed Choice managing director Nick Bamford
Artemis’ Mark Tyndall looks at the crystal ball
Most investors are better off than they were 12 months ago despite the summer’s volatility. Will next year bring the (delayed) global slowdown? Artemis’ senior partner weighs up the factors.
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Intrinsic pays redress over pension transfer advice complaint
Intrinsic must compensate a client for the pension transfer advice it gave them. According to a Financial Ombudsman Service decision, in 2015 Mrs C was told to transfer her two existing personal pensions valued around £80,000 to a new Sipp provider. This money was placed in a scheme where Mrs C could adopt a dynamic […]

Phil Wickenden: The gauntlet has been laid for annuities
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True Potential in-house fund range more than doubles to £4bn
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