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Rejection dictates new stance

Treasury select committee chairman Andrew Tyrie says the FSA’s rejection of the committee’s key RDR recommendation will inform how it proposes to increase the Financial Conduct Authority’s acc-ountability.

The TSC’s RDR report, published in July, called for the 2013 implementation date to be put back by one year to give advisers more time to reach QCF level four, as well as a softening of the qualification cliff-edge for experienced advisers. TSC members attacked the “arrogance” of the FSA when it released an embargoed response alongside the report rejecting its main findings.

The TSC says the response gave the impression that the FSA gave inadequate consideration to the recommendations. It adds that although the FSA’s full response, released by the committee this week, shows “some signs” of further consideration, the regulator’s actions highlight concerns over regulatory accountability.

Tyrie says: “Our exchanges with the FSA about the RDR will inform the approach we take in ensuring high levels of accountability are put in place for the FCA.”

The FCA is set to replace the FSA in early 2013 and the committee is running an inquiry into the new regulator.


Are GEMs a closed shop?

Global emerging markets may be increasingly popular but the dominance of just a few funds from a handful of providers means investors are faced with limited choice. Such is the popularity of the leading names that it has become daunting for new launches. The situation is exacerbated by the fact that several of the most […]


Call to end “myth” over role of securitisation in crisis

The “mythology” that the Government and regulators have allowed to develop over the role of securitisation in the financial crisis came under attack at last week’s Imla executive briefing Securitisation was used widely for mortgage funding before the 2007 financial crisis but since then, investors have shied away from investing in bonds backed by mortgages. […]


Passporting crackdown on the way

The FSA says it will keep a close eye on firms using passporting rules as an attempt to circumvent the RDR. Firms in the European Economic Area can passport into any jurisdiction within the EEA as long as they comply with the rules in the state they are based in. The FSA’s formal response to […]

Global income: preparing for a rate rise…

In the five years since we launched the Artemis Global Income Fund, its manager Jacob de Tusch-Lec has built a distinctive portfolio that is first among its peers. Here he explains why his “quality, cyclical and value yield” stocks, and flexible approach, leave the fund better placed to benefit from uncertainty than funds that depend […]


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