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Regulators must not escape blame

I read with increasing disquiet the recent article in Money Marketing referring to the possibility of unlimited liability attaching to the IFA for life.

It prompted me to wonder if this principle (with which I intensely disagree) should also be applied to the regulator and the staff.

The FSA seem to be conducting a review of their responsibilities over the Equitable Life scandal but to my knowledge the PIA have said nothing, even though they were the regulator responsible during the relevant period.

If it transpires that staff from whichever regulator was remiss in their duties, can we expect the same punitive judgement and retribution that would in similar circumstances be imposed upon IFAs?

On the assumption that you might, like me, consider this scenario to be highly improbable, does it not beg the question, why is the regulator and its staff not under the same regime of scrutiny and enforcement as advisers have to be?

When you contemplate that the regulator is neither open to the same strictures as us nor it would appear answerable to any court of law, quis custodit ipsos custodes? (Who guards the guards?)

David Barnett

Principal,

DPB Independent Financial Advisers,

Edgware,

Middlesex

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