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Swift chief makes call for FSA to bring in rules to force issue

Swift director of funds Edward Glyn says it is time for the FSA to introduce rules on platform re-registration as principles alone have not worked.

Speaking at the Tax Incentivised Savings Association platform to platform re-registration open meeting last week, Glyn said that principle-based regulation is not working in the area of re-registration and suggested that a rule-based approach is needed.

He said: “We have been talking about this issue for years. Surely principle-based regulation on this point is not working and it should be rule-based.

“The FSA should put its foot down and say if you do not allow this, you are not allowed to operate.”

But Finance and Technology Research Centre director Ian McKenna says: “There have been many in the market who have argued that the FSA should set the rulebook and force the issue. My response to that would be, be careful what you wish for. It is not their business to write rules that make our lives easy.

“There is already a current obligation upon advisers to review on a regular basis the ongoing suitability of platforms. Not only that, they have also been explicitly clear on anything they consider to be a material constraint on customers moving their investment.”


Help with legal issues

The article headlined, Drop in the ocean for repo help (Money Marketing, July 2), was very informative but could I reassure readers in need of legal advice on housing issues that there is help at hand. In fact, last year, over 170,000 people got legal aid to help them resolve their housing problems.

FSA slammed over exam alternatives

The FSA’s retail distribution review proposals for oral assessments have come under fire for not going far enough in offering a full work-based assessment as an alternative to exams.SimplyBiz chairman Ken Davy says the FSA’s latest RDR consultation paper has failed to properly address the issue of how older advisers can reach the new benchmark.He […]


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