Has the FSA increased consumers’ trust in the UK financial services sector since it was created in 2000?No. It has made it more difficult for the general public to understand the best advice available and therefore affected consumer trust. There will have to be a massive overhaul of the authority to increase levels of trust. Kevin Hicks,Investment & RetirementNo. It has done the reverse. It is highlighting any problems to such an extent that clients think the whole industry is corrupt. John Stewart,PMI Independent Financial Advisers”Yes. Without a doubt. Some of the requirements to have qualifications and more presence in the media has increased our credibility and increased consumers’ awareness on the need to be more prudent with their money and raised awareness of both problems and the various solutions available.” Simon Markham, Markham Associates. “No. I’m not sure it has.It seems to interpret the rules to suit itself and to the detriment of IFAs. In general, I don’t think it has increased consumers’ confidence, and it certainly has not increased confidence among IFAs.” Kenneth Hayden, Financial Management Services”No. L&G was a no-score draw, equity release has been a public relations disaster and the FSA is simply seen as a pseudo-government body. In five years, I think all they have revealed is that there is very little to trust in the financial services sector.” Tony Jones,Tony Jones IFA, “No. I am not sure it has increased trust but it has caused a lot of confusion for both the public and advisers because there has been so much to take in terms of publications from the FSA. Robert Gething,Robert Gething & CoYes 13% No 87%
Seven Investment Management’s founders believe we are seeing a split in the sector between the old school of product sales and the new generation of professional planning.
An Inland Revenue plan to give discretion on qualifying pension contributions to local tax inspectors after A-Day is raising concern among advisers and product providers.
The FSA has lost the respect and support of the financial services industry, says ing a report from the Centre for Policy Studies.
Charcol is urging the Chancellor to amend the “antiquated” rules governing stamp duty in his Budget statement on March 16. The broker also claims that the misery caused by inheritance tax limit is unacceptable, given that property prices have soared over the last few years, leaving many homeowners, particularly in the south of England, beyond […]
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