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Talkback

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%

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