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Should the FSA grant an authorisation grace period if an IFA&#39s network collapses to allow the adviser to carry on trading?

“No. Everyone should have a contingency plan. If you join a network, you are basically a glorified emp-loyee. I am not in a net-work and if something happened to me tomorrow, no one would give me a grace period.”

John Stevenson, J S Financial Advice Service

“Yes. I would have thought that was only fair and I think a couple of months&#39 grace should be granted by the FSA.”

Colin Head Headstart Financial Services

“Yes. It would need to be at least three months and in practice, IFAs might need six months if they are then going for direct authorisation because the FSA will go through their business with a fine tooth comb, checking that they meet their capital adequacy requirements.”

Michael Mallen, Michael Mallen Associates

“Yes. Everyone has got a wife and children to feed and when something is not their fault, they should be given a grace period.”

James Fleming, Fleming Asset Management

“Yes. If a network goes under, having to make a quick decision is difficult.”

David Morrison, Stornoway Insurance Services

“Yes. I can see why people would not want to jump out of the frying pan into the fire but it would have to be pretty short if consu-mers are to be protected.”

Ian Bremner, Investors Planning Associates

“No. We would hope the networks would already have some sort of contin-gency plan in place before this happened.”

Richard McArthur, RSM Robson Rhodes

yes 75%

no 25%


Package deal

Some packagers will be falling outside the regulatory net after October 31. What regulatory risks are posed for lenders and intermediaries who use them? Webb: It is true that some packagers will be regulated by the FSA and some will not. Those which will not are ref-erred to as pure packagers. A pure packager is […]

Firms failing authorisation can trade on for a year

Mortgage firms which fail the FSA authorisation process can continue trading for another 12 months while they wait for an appeal. Under a Treasury ruling, mortgage firms applying for authorisation which are turned down by the regulator will be able to continue trading as interim authorised while they wait for a tribunal hearing. Although firms […]

Pru multi-tie will launch pension return

Prudential will use its multi-tie operation to launch back into the personal pension market after a two-year absence. The firm is launching a stakeholder-friendly basic personal pension in the first half of 2005 and a stakeholder price-buster in the second half of the year. Pru has been focusing on group personal pensions, inc-luding stakeholder, during […]

Aid for brokers who have left it late to register

I refer to the recent article in Money Marketing regarding the fast-track system for assessing appointed representatives. At First4Brokers, we have devised a system that allows brokers to register with the network so that an initial assessment can be carried out and responded to quickly. In no way does it try to replace a formal […]

Life begins at…

By Fiona Holmes, proposition communications manager Having reached a certain age (it’s the new 40 by the way), I’m having to come to terms with the fact that my peers and I aren’t as immune from illness or death as we’d like to think. That’s the problem with 30 being the new 20 and 40 […]


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