View more on these topics

To regulate or not to regulate?

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.

David Barnett

DPB Independent Financial Services,

Edgware,

Middx

Recommended

Confusion over future of polarisation

Confusion reigns over the future of polarisation following a speech from FSA chairman Howard Davies in which he appears to hint its days are numbered.In a speech to the Foreign Banks & Securities Houses Association Conference today, Davies questions whether polarisation is still fit for purpose and why it is that the UK is the […]

Moore&#39s code

If you have a problem, if no one else can help – and if you can find it – maybe you can show a quality mark.First, there were Government Catmarks, then the ABI popped up with Raising Standards quality mark thingies, now the LIA wants to join the party with a quality mark for financial […]

IHI sees surge in demand for healthcare products post Sept 11

International Health Insurance has seen a 50 per cent rise in demand for its products following September 11.IHI provides global health insurance to individual and corporate clients in 180 countries, with a focus on the expatriate market. It says those posted or living abroad are feeling nervous and concerned, and looking for the security offered […]

1

Lending up after lull in September

Mortgage lending rose by 6.5 per cent last month to £14.7bn from £13.8bn in September, according to figures from the Council of Mortgage Lenders.The amount represents gross lending from banks and building societies and is significantly higher than the total of £9.9bn lent in October 2000.Remortgaging increased as a proportion of total lending to £4.8bn […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment