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Scrapping FSA is condemned

Scrapping the FSA for a new regulatory structure is an exercise in “rearranging deckchairs” and will have no significant impact on regulation, according to LibDem Treasury spokesman Lord Newby.

Speaking at a fringe event at the LibDem conference this week, Lord Newby said: “The whole of that reorganisation is just rearranging deckchairs

on a beach and that remains my view. I do not think that it is a game-changer and I expect it will have no significant impact on regulation.

“I suppose one of the consequences will be the brass plaque outside will have FSA taken off and Bank of England put on.”

Newby said it is vital that Hector Sants stays on while the FSA is divided into the Prudential Regulatory Authority and the Consumer Protection and Markets Authority.

He said: “The key question is whether it is going to collapse during the transition but I think Hector Sants and his senior people are very cognisant of that. The transition is not going to happen tomorrow, it is going to be at the back end of this session at the earliest.”

LibDem Business Secretary Vince Cable told a separate fringe meeting he did not think scrapping the FSA is a priority: “In opposition, I said I did not really think the break-up was necessary but the Government has decided to do it and I will try to help make it as smooth a transition as possible.”


Jupiter duo for strategic total return and convertible funds

Jupiter Asset Management is launching a strategic total return fund and global convertibles fund on October 1. The funds will be Ucits III products domiciled in Luxembourg and both will be managed by Miles Geldard and Lee Manzi, the duo the company recently recruited from RWC Partners. The strategic total return fund will be a […]

We’re well on the road to the RDR

September is nearly past, meaning we will shortly be in the final quarter of 2010. I am sure I cannot be alone in wondering where has this year gone. With just over two years left now before the RDR implementation deadline, advisers need to take stock of their progress and, ideally, track progress against targets […]

The end of summer

Sitting, as I write this, on the north Norfolk coast in what passes as a late British summer, the trials and tribulations of the global economy feel very remote. The local town is bustling, the theatre was full last night, fish and chip shops seem to be doing a roaring trade despite children having returned […]


Do we need another trade body?

There has been much talk recently about a trade body dedicated to the needs of advisers specialising in protection. Some have suggested that the Association of Independent Financial Advisers should provide the necessary infrastructure, whilst recently Phil Jeynes proffered the idea that the Association of British Insurers, with its protection working party, makes the idea […]


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