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‘The issue of simplified advice is bigger than FSA regulation’

Lansons says the industry should have engaged with the Government on simplified advice rather than the FSA and insists it is not too late to have simplified advice considered under the draft Financial Services Bill.

Lansons public affairs and regulatory consulting director Richard Hobbs says simplified advice was never viable under the current regulatory framework because the thin margins would not compensate advisers for taking on the same regulatory risk as full advice.

He says: “The key problem is the trade bodies held their dialogue with the wrong party because its origins were in the retail distribution review. Instead, they should have engaged with Government. The Government could then have explained to the FSA what was wanted. In practice, the simplified advice issue is bigger than FSA rules; the issue requires a different approach.

“It is not too late to redirect this dialogue to the proper quarter. The draft Financial Services Bill is currently undergoing pre-legislative scrutiny. It includes provisions to re-task the new conduct regulator. It is not too late to change it.”

Institute of Financial Planning chief executive Nick Cann says: “It is not for the FSA to sort out but I am not sure if the Government is the right body to sort it out either. It is more important that the industry talks about what such a system could look like, which could then be presented to the regulator.”


‘IFAs will not embrace trusts after RDR’

Fund of investment trusts manager Unicorn Asset Management says it does not think investment trusts will increase their market share following the retail distribution review. The company, which runs the Mastertrust Oeic fund of investment trusts, says investment trusts have a lot to commend them after the RDR, such as low cost, meaning performance that […]

Labour: Love calls on FCA to push mutuals

Treasury select committee member Andy Love has called for the Financial Conduct Authority to be given a primary objective to foster diversity and promote mutuals. Speaking at a fringe event at the Labour party conference in Liverpool this week, Love said the move would be in line with the coalition agreement which commits the Government […]


Gold could still reach $2,000, says Damaskos

Gold looks set to shoot back up to $2,000 per ounce in the near future, says Angelos Damaskos, the chief executive of Sector Investment Managers. Although gold is currently in the eleventh year of a boom market, as much as 20 per cent has been wiped off the spot price more recently from the high […]

SGWM acquires IFA Stan Gaskin

Norwich-based SG Wealth Management has bought Ipswich IFA firm Stan Gaskin for an undisclosed sum. Stan Gaskin, founded in 2000, employs eight people, three of which are advisers. It has £115m in assets under management. The deal takes SGWM’s total assets under management to £200m and its team of advisers to eight. SGWM says there […]

Responsibility Matters

The latest update from the Sustainable Investments Team at Royal London Asset Management, Responsibility Matters, is now available. In this edition the team look at issues such as the growing acceptance of sustainable investing and technology in China. Read the update here: The value of investments and the income from them is not guaranteed and […]


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