View more on these topics

Thinktank urges Ukip to tackle financial regulation

Thinktank the Institute of Economic Affairs has urged Ukip to stem the tide of FCA regulation in a speech to the party’s annual conference.

Speaking in London today, IEA director-general Mark Littlewood said Ukip must broaden its appeal beyond its policy to leave the European Union and outline plans on public spending and regulation.

He said the scale and scope of financial services regulation is too much and called on the party to take a stand against the FCA’s growing powers.

Ukip opposes the RDR and says it would scrap FCA rules which ban commission payments.

Littlewood said: “The FCA handbook is divided into 10 sections. The section entitled prudential standards is divided into 11 sub-sections, the sub-section entitled prudential sourcebook for banks, building societies and investment firms is made up of 14 sub-sub-sections, the sub-sub-section called market risk is divided into 11 sub-sub-sub-sections and the sub-sub-sub section on interest rates is 66 paragraphs.

“There are over a million paragraphs in the rulebook. Until recently financial services regulation was overseen by the Bank of England with just 30 employees overseeing banks but the number of UK financial supervisors has increased dramatically to about 1,200. In 1980 there was one supervisor per every 11,000 employees in the financial sector and today there is one for every 300.

“I don’t know how you can describe such a framework but you certainly can’t describe it as unregulated, free market business.”



Chris Davies: The ‘bags of cash days’ have long gone

The results from today’s FCA review on inducements paint a concerning picture. Poor management culture with a reliance on marketing allowances risks undermining the RDR. Principle 8, which covers conflicts of interest and inducements, should be a core consideration when providers and advisers structure any service or distribution agreement. Yet the FCA found over 50 per […]


Octopus launches Aim IHT Isa

Octopus Investments has launched an Aim inheritance tax Isa following recent Government rule changes. Octopus says the product has been designed to take advantage of the Government’s new Isa rules, introduced last month, which allows Aim shares to be included as part of Isas. The rules allow investors to get full relief from inheritance tax on their […]


Ukip attacks ‘immoral’ FOS over lack of financial qualifications

Ukip financial services spokesman and MEP Godfrey Bloom has launched a blistering attack on the Financial Ombudsman Service for not making its staff hold financial qualifications. Speaking to Money Marketing ahead of the Ukip annual conference in London today, Bloom called for FOS staff to be as qualified as the people they are adjudicating and […]


Two firms face FCA action over provider inducements

The FCA has revealed two firms are facing enforcement action after a thematic review found evidence that arrangements between providers and advice firms could undermine the RDR. The regulator asked 26 life insurers and advisory firms to provide information about their service or distribution agreements. It received and reviewed 80 agreements and found that just […]

Introducing Trevor Greetham

Ryan Medlock, Investment Proposition Manager, Royal London Royal London Asset Management’s (RLAM) new head of multi-asset is officially up and running. I want to look at what expertise Trevor brings to the table and how this affects the Governed Portfolios (GPs) and Governed Retirement Income Portfolios (GRIPs). Trevor Greetham joined RLAM in April 2015 from […]


News and expert analysis straight to your inbox

Sign up


There are 2 comments at the moment, we would love to hear your opinion too.

  1. Imagine if only one or more of the mainstream parties were to have the sense to see this and come off with this statement.
    We do need regulation but it needs different rules for different strands of the FS industry so that all strands can work for the benefit of all concerned and, oh yes, the clients too.
    It does not take rocket science to work this out but it obviously beyond the realms of the current regulatory system. Having the right people doing the job would reduce staff numbers, costs and increase efficiency. Let common sense be the order of the day, with a huge and heavy book to throw at those who obviously rip people off but have a tad more sense about suitable advice is given and suitable sales made. It should not require more paperwork to conduct a compliant piece of ISA business from inception to completion than apply for, and get a shotgun license in the 21st century. Should it?

  2. It’s about time we heard some sense. I would support this 100% as the current system is flawed and constantly fails the UK plc.

Leave a comment


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 thought leadership.

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