View more on these topics

Sants says simple scheme will keep access to advice

FSA chief executive Hector Sants says the regulator is keen to ensure the RDR does not block access to financial advice.

At the Association of British Insurers’ biennial conference in London last week, RGA product development actuary Greg Becker said: “I support the RDR but can see an unintended consequence will be that large sectors of the population stop being serviced by traditional IFAs. What is being done to ensure these people will have access to some form of advice or guidance, other than the work being done by the Money Advice Service and its financial healthcheck?”

Sants said: “We are very conscious of the point the question has raised, which is we want to make sure we have not excluded people from advice they were previously able to get. A key element of making sure that does not happen is the delivery of an effective simplified advice regime.”

Sants added the development of simplified advice should be a joint partnership between the regulator and the industry.

He said: “We have recently recognised that in order to play our full part in this partnership of delivering effective simplified advice that more help and more clarity from the regulatory perspective would be useful.”

The FSA is expected to publish a simplified advice consultation over the summer to address what Sants called “utterly understandable concerns” on the RDR and the impact it will have on access to advice.



Nine brokers probed for mortgage fraud

The FSA is investigating nine brokers for suspected mortgage fraud, according to a freedom of information request. This follows a notice to lend-ers from the regulator last week, which warns that some brokers are “gaming” lenders’ systems to push through self-certification customers’ buy-to-let deals as more stringent income checks have left these borrowers unable to […]


Treasury to hold FCA to account

The Financial Conduct Authority will have to report to the Treasury to justify its decisions in the event of a regulatory failure. The accountability measure was laid out in the FCA’s app-roach to regulation document this week, which includes a duty for the Treasury to publish the report and lay it before Parliament unless there […]


Extra supervision will not significantly reduce FSCS costs

FSA chief executive Hector Sants has warned that even if the Financial Conduct Authority was to invest significantly more in supervision it was unlikely the Financial Services Compensation Scheme levy would fall by a similar margin. Speaking at an FSA conference on the Financial Conduct Authority this morning, Sants said there was a straightforward trade-off […]

Health - thumbnail

Healthcare predictions for 2015 from Jelf Employee Benefits

The continuing fall-out from the Competition and Markets Authority’s (CMA’s) review, the rise of the private GP and digital engagement will be the primary focuses in the private healthcare industry during 2015, according to Iain Laws, managing director, healthcare and group risk, at Jelf Employee Benefits.


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