View more on these topics

Summer paper to clarify details of simplified advice

The FSA intends to release a paper by the summer aimed at enabling the industry to deliver simplified advice.

Giving evidence to the Treasury select committee last week, FSA chief executive Hector Sants said the industry does not feel “sufficiently comfortable” with the regulatory environment to launch simplified services.

He said: “We are committed to publishing a further paper in summer, or earlier if we can, in which we hope to give firms the certainty they need in res- pect of the regulatory questions to enable them to deliver the service.”

Concerns have been raised in the past about how the system will function and who will be liable for any problems arising from products sold through a simplified advice structure.

Sants was responding to questions from TSC member Andy Love, who subsequently asked whether difficulties with the simplified advice regime could lead to the RDR being delayed.

FSA director of conduct policy Sheila Nicholl said: “No, I do not think it is that critical.”

Recommended

Pru raises dividend after 24% increase in operating profits

Prudential has reported a 24 per cent increase in operating profits and has increased its dividend by 20 per cent. Its 2010 results, published last week, show a 24 per cent increase in operating profits before tax on an IFRS basis, up from £1.56bn to £1.9bn. Prudential announced a 20 per cent increase on an […]

Forgive and forget

A decade and a half or so in this business and I have only just discovered I am a financial acronym. Last night, for reasons best left unexplored, I typed “Marr” into Wikipedia and, well, did you know it stands for “minimal acceptable rate of return”? As I say, I did not, although it seems […]

Transact offers access to Analytics

Financial Express and Transact have launched a facility that enables advisers to transfer portfolio data from Transact into Financial Express Analytics. The firms say the link will give advisers instant access to Analytics tools, without having to enter any data. Analytics allows advisers access to factsheets for funds, managers, sectors and portfolios as well as […]

1

Regulator ready to look again at 15-year long stop

FSA chief executive Hector Sants has agreed to reconsider introducing a 15-year long-stop if the Treasury select committee recommends the regulator to review its position. Giving evidence to the TSC on the RDR last week, Sants said: “I have to say I have some sympathy with the argument that says if people are still concerned […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment