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Taking issue with role of the CA

CA director Sheila McKechnie demonstrates the seamless transfer of consumerists from single-issue research into single-issue six figure income news management in the FT with the headline, If this industry can rip off consumers, it will.

From being an unbiased observer, she joins those of the Daily Mail ilk, that is, if it is not news, it gets printed, if it is news, it is omitted, so if she has anything worth saying, it is compromised.

Single-issue treatment without following through the connections has done enormous damage to financial services. At long last, it is realised that employers faced with global competition have problems maintaining final-salary pension schemes, especially when they are chock-full of ex-employees.

In truth, transfers or opt-outs may help schemes continue. High pension costs deter employment and in the public services, outsourcing is one response to taxpayers unwilling to pick up the tab for index-linked pensions. Far from creating pensions heaven on earth, the CA has supported a regime of compensation profiteers. Even schoolgirl economics should show proof that a shortage of advisers means costs rise and explains why fee chargers are onside for the abolition of commission.

Of course, there are some abuses by advisers but there are also bent coppers and that does not mean we close down the police force.

As the regulation procession continues, destroying what was left of the industry compulsion becomes the cry, proving once again that the outcome is the opposite of what was intended Instead of consumers with free choices, we have state control and no need for a consumers&#39 association.

Roy Bennett

Hackbridge, Surrey

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