View more on these topics

Severn could be hero or villain on polarisation

As the regulator respon-sible for leading the review of polarisation for the FSA, head of conduct of business David Severn has the potential to become either a champion of IFAs or be demon-ised as the man who scrapped the regime.

It is not an easy decision that Severn must make over the next few months.

The FSA is about to emb-ark on another consultation on the future of the polarisation regime, an exercise which should settle once and for all how financial products are advised upon and distributed.

Known as phase two, the review follows the decision to remove stakeholder pensions and direct-offer products from polarisation in January, which was implemented in April.

A consultation paper is expected in December but it is likely that any changes will not take effect until 2003.

Severn does not monitor the activities of authorised firms. Instead, his role inv-olves developing FSA policy. He is responsible for many of the high-profile projects, such as the polarisation review, which the regulator conducts.

Of all the key regulatory figures, Severn probably brings the most experience to the table. He has been at the FSA since its inception, occupying the same role even though his title has changed.

He was with the PIA from 1994 to 1998 as head of its policy division. While there, he headed the Evolution Project, a review of all the rules governing the retail market.

Severn was with SIB from 1988 as deputy director (retail policy), where he chaired the disclosure taskforce.

He had a brief spell as secretary of the Building Societies&#39 Commission and for several years at the start of his career he was a civil servant in the old Department of Health and Social Security.

Given both this extensive background and his influential role, Severn is one figure that IFAs should keep an eye on.


Time right for annuities review, says McDonald

The Retirement Income Reform Campaign called on the Government to announce a consultation on annuities reform in a meeting with Treasury economic secretary Ruth Kelly this week.RIRC director Dr Oonagh McDonald and Sir Nicholas Goodison told Kelly they believed the time was right for a formal review and consultation process.RIRC formally submitted to the Government […]

Fragmentation fears over LIA&#39s plans for another quality mark

LIA proposals to introduce two quality marks for tied and independent advisers have been criticised by rival trade bodies which claim it could “muddy the waters”.The LIA unveiled the quality marks, Accredited Fin-ancial Adviser and Accredited Independent Financial Adviser with identical logos except for the insertion of the word independent last week.But IFAs and providers […]

A capital idea

Schroder Unit Trusts has designed a capital-protected fund linked to the Eurostoxx 50 index over five years and two months.Schroder secure growth formula is a Dublin-based closed-ended fund that invests in bonds and derivatives to provide capital protection. Investors get their original capital back at the end of the term regardless of the performance of […]

Pass warns IFAs over FSA windfall confusion

The Pension Advisers&#39 Support System is warning IFAs about confusion over what constitutes a windfall benefit in the absence of a definition from the FSA.Pass says after the judgment on the Needler Finan-cial Services Taber pension review test case, the FSA indicated that windfalls will cover more than demutualisation bonuses and could also include benefits […]

Life cover for life

Jennifer Gilchrist Proposition Lead – Design, Royal London When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that way because before the arrival of RDR in 2013, that’s more […]


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