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Thomas in attack on PIA over regulation

FSA head of regulatory events Lindsay Thomas has hit out at the PIA, criticising its emphasis on making IFAs write everything down to prove they are compliant.

In the Money Marketing IFA UK Conference&#39s centrepiece debate, Thomas said the FSA and industry must agree on what regulation is trying to achieve.

He said: “Requiring everyone to write everything down is blunt and off the point and, outside of the financial services industry, other industry sectors have greater common agreement with their regulators.”

Thomas said that from N2, the FSA will aim to understand better what IFAs do and it would be targeting its rules and supervision to inc-rease effectiveness.

But he conceded the FSA does not understand IFA business well enough and accused IFAs of not knowing what the regulator is trying to do.

Thomas said there should be room for differentiation and independent advisers should not think that it is enough just to have the minimum required qualification.

He also said the industry should ensure qualifications are up to scratch.

Thomas hopes to see comment on how IFA clients can better understand the value of advice from the Sandler rev-iew and believes transparency should be a central theme.

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