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Suffering from paranoia or is it persecution?

First, we have Howard Davies saying he does not think hindsight reviews are helpful either to the industry or the public. But then, the deadline for holders of low-cost endowments to claim that their policy was missold to them is mysteriously extended, presumably because rather fewer policyholders than certain people had been hoping had actually lodged a formal complaint within the original timeframe.

Next, we have a new round of reprojections going out which, according to new parameters apparently dictated by the FSA, ensure that more endowments fall into the red and amber categories than ever before. No matter that previous projections from many of the strongest and most respected providers have shown little or no cause for concern.

Then we have the current PII crisis which the FSA has inherited in the wake of the vindictive policies of its predecessor the PIA.

The FSA says it is willing to help IFAs on a case-by-case basis but then we hear of people such a David Cunliffe saying that the only IFAs having PII trouble are the recidivist ones with a history.

On top of all that, we have the FSA apparently determined to scrap polarisation and muddy the waters like never before, with Ron Sandier following on with his range of 1 per cent products that members of the public can safely buy on their own judgement without need for professional advice.

Do I detect a pattern of persecution here or am I just being paranoid?

Julian Stevens

Partner,

WDS Independent Financial Advisers,

Kingswood, Bristol

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