I write with increasing incredulity at the prospect of the FSA giving advice to the general public.
Is this not the regulator who told clients of Equitable Life not to do anything regarding transferring their investments to another provider, soon afterwards, those self-same clients having a huge MVA applied to their funds? Correct me if I am wrong but I would have thought that was bad advice and those people who took it might have redress against the FSA.
But the main question is, does the FSA want to regulate or be regulated? It has to be one or the other and I strongly suggest they do the former and concentrate on doing as well as possible before considering yet another half-baked idea.
Presumably, if they were able to give advice and got it wrong, which, given their track record, seems likely, they can fine themselves a substantial amount and then get all real advisers to pay for their errors by way of a hike in their fees.
DPB Independent Financial Services,