View more on these topics

Tax differences could halt single Euro market

Tax differences between member states mean it will be very difficult to achieve a single retail financial services market in Europe, says FSA chairman Callum McCarthy.

McCarthy told the Treasury select committee last week that having to integrate each individual state’s tax regime will be a huge obstacle to overcome and may never happen.

He said it would be easier to integrate the wholesale side but questions remain for retail and the task has been vastly underestimated.

McCarthy pointed out that a cost-benefit analysis, which the FSA routinely conducts, did not take place when the EU was drafting the Markets in Financial Instruments directive.

The comments follow attacks on Mifid from McCarthy and FSA chairman John Tiner in recent months over timing and costs.

When asked by MPs whether the costs of Mifid outweigh the benefits, McCarthy said it was too early to tell as the full details of the directive have not been defined. McCarthy’s comments come a week after the European Commission said that 10 EU states have yet to enforce the insurance mediation directive.

Recommended

PFS award is an insult

There have been numerous letters to Money Marketing regarding the designations awarded to members of the Personal Finance Society. I have been in the industry as an IFA for over 22 years and have seen many changes during this time. I am a member of the PFS and my gripe is with the PFS awarding […]

Ivan Lewis to top the bill at Pima conference

Economic secretary to the Treasury Ivan Lewis will be the keynote speaker at this years Pima conference.The MP will be followed by The Times business and city editor Patience Wheatcroft and FSA director of wholesale firms division Thomas Huertas. Further representation from the City will be provided by Invesco Perpetual chief executive and chief investment […]

Wealth in experience

Most IFAs, consultancies and product providers that talk to us about their recruitment plans in 2006 have already made significant progress with their A-Day marketing propositions to new and existing clients. Some of these plans have involved a significant investment both in time and financial resources. The consensus is that no stone has been left […]

FSA approves Genesis and Guaranteed merger

Genesis Home Loans and Guaranteed Home Loans have received approval from the FSA for their merger, announced in August this year.Initially, both companies will continue to trade under separate brands with compliance functions based at Genesiss Peterborough office.Additionally, the branded lending operation, finance, marketing and personnel functions will be based in Peterborough with the packaging, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com