View more on these topics

The FSA certainly isn&#39t independent

The disgraceful capitulation by the FSA in the face of pressure by the Government and the big businesses within the financial services industry shows that it is far from being an independent regulator motivated by protecting the man in the street.

Those who think that the current proposals will help any member of the general public, particularly the less well off, are seriously deluding themselves.

They will help the banks and some direct-sales operations. They should be shredded before any more time and money is wasted on them.

Only independent advisers can give true best advice all the time and all advisers should be independent.

We cannot predict the future nor guarantee success but can at least guide people through the maze.

Remuneration should be mainly as at present, with a choice of fees or standardised level playing field commission open to all.

This should suit everybody and proper self-regulation would follow. Apparently, this is too simple a concept for some to grasp.

The words commission and independent are not mutually exclusive. The FSA has all the powers it needs to punish malpractice and commission bias. It should concentrate on this rather than its current fixation with petty admin procedures. Much of the time, its actions appear to be an attempt to justify its own cost.

One certain outcome of the proposed regime would be to bring in much new work for the regulator.

Philip Bartholomew

Fife Independent Financial Advice,

Glenrothes,

Fife

Recommended

Friends, NU and Widows buying 40 per cent Assuresoft stake

Friends Provident, Norwich Union and Scottish Widows have taken a combined forty per cent share in Misys-owned IFA electronic portal Assuresoft.The portal was bought by the Misys network stable as part of its purchase of DBS last year. The move will see the three companies invest a total of £9.2m in Assuresoft ltd taking their […]

MFS plays aggressively in US rough and tumble

The MFS US growth equity fund is an Oeic that invests in US companies with good growth prospects. It is a clone of a fund run from Boston since 1996 by Irfan Ali and Peggy Adams. It will invest in around 107 stocks of all sizes. Sectors include financial services, technology, healthcare, leisure and business […]

It all ends in tiers

Tick a box – single-company financial adviser, multi-company financial adviser, independent financial adviser or independent financial consultant adviser.According to the proposed status disclosure document attached to CP121, in which the FSA proposes the scrapping of polarisation, this will be an adviser&#39s first act on meeting a new client.Black and white will be replaced by many […]

Advisers say multi-ties will spark a rise in commission

IFAs are predicting a rise in commission under a multi-tie regime as product providers look to secure their market share amid confusion over the willingness of the FSA to intervene.The prediction comes as the FSA says that it will monitor multi-tied firms and product providers for breaches of the overriding commission rules but it refuses […]

Finding security in bond markets

Martin Foden, head of credit research at Royal London Asset Management, explores the role of secured bonds, considering the impact of default and the characteristics of secured bonds versus supranationals and highlighting some examples. He also examines the evolution of the credit market and rating agency inefficiencies. Read the article in full: The value of […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment