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Sesame backs regulation for support services firms

Sesame is backing Tenet’s move to apply for FSA regulation for its support services arm despite regulation not being required.

Sales and marketing director Steve Young says it demonstrates a positive and confident attitude if a support services firm seeks FSA regulation.

He says there have been very low barriers to entry in this sector and regulation will improve standards overall.

He also dismisses SimplyBiz’s suggestion that regulating support services firms would bring additional costs, saying there is no risk of further costs to individual advisers.

Young says: “I am not suggesting any firms are not acting professionally but the fact is we need to be prepared to hold up the same professional stan- dards as a regulated network.

“The suggestion that this will introduce double costs is rubbish. I think that is wrong. Anyone who knows the basis on which you gain regulated status knows you do not have to pay on behalf of all advisers.

“I think the question Tenet has raised is an excellent one. Why shouldn’t it be prepared to be as professional as the IFAs using its services?”

SimplyBiz says a meeting of the Association of Professional Compliance Consultants a couple of years ago saw the majority vote against the regulation of support services.

Managing director Ian Thorneycroft says: “I cannot see that if we were to receive regulatory visits and the like, there would be no charge which would ultimately have to be passed on.”


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