The row between Prime Min- ister Tony Blair and the FSA shows that the Government is in disarray over the function of the regulator, say Tory and LibDem front-benchers.Conservative Shadow Fin- ancial Secretary Mark Field claims that the contrast between Tony Blair’s “calcu- lated” attack on the regulator in May and the Treasury’s sta- ted view of the FSA as “a beacon of regulation” shows that the Government lacks a coherent strategy on the regulator. Field says Blair needs to show how to break through the technical and legal barriers which stand in the way of lighter regulation before his words in support of greater freedom for businesses can be believed. LibDem Shadow Chancellor Vince Cable echoes Field’s comments on the Government’s position with the FSA. Cable is calling for the publication of the four- page letter which was sent by FSA chairman Sir Callum McCarthy to Blair in resp- onse to the Prime Minister’s outburst. A small part of the letter has been leaked to nat- ional newspapers. Cable says that the FSA’s opposition to the publication of the letter, despite requests under the Freedom of Infor- mation Act, shows “extreme bureaucratic defensiveness”. Field hopes to meet with McCarthy, along with Tory Shadow Chancellor George Osborne, in the autumn to discuss their vision for the regulator, with improving competitiveness at its heart. Field claims that he is getting a growing number of complaints from City prof- essionals about the effectiveness of the FSA and the regulatory burden that is being placed on small business. Field says: “The Government is in disarray over where it stands on the FSA. The reality is that Blair’s words have struck a chord with Money Marketing readers and people in the City but what will he deliver?” Cable says: “Keeping this letter private is utterly bizarre behaviour from the FSA. This is a public debate and the ind- ustry should not be denied access to the argument. What do they have to hide?” A Treasury spokesman says: “The Government as a whole has made clear its support for the FSA and its high regard for the world-class regulation of the industry it provides.”
Buy-To-Let 6.49% Base Rate Tracker
Which? is urging the FSA to significantly increase the fines it imposes on companies found guilty of misselling. In a report this week, the consumer campaign group says it wants penalties to be big enough to alarm institutional investors into putting pressure on companies to prevent future misselling.
The more I read about and use the newly implemented menu, the more I agree with the popular consensus that the whole exercise is a waste of time and money for everyone but, regrettably, most of all for the consumer.
Congratulations to the financial boffins at Virgin Money for coming up with the idea of a 99p coin to free us from unwanted coppers and save the nation 133m in discarded change. The Diary notes that the idea recently reared its head as an election pledge in the 2005 “manicfesto” of the Official Monster Raving […]
Welcome to the latest edition of In Focus. In this issue, Jelf examines the private medical insurance market for employers with expatriate workforces in Germany. This includes the common challenges faced in sourcing appropriate coverage, along with a selection of available solutions. This will be of particular interest to HR/reward decision makers with employees based in Germany. It will assess the cultural norms, risks and backdrop that are relevant to organisations with expatriate staff in this location.
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
A High Court judge says the FCA can submit evidence in a case that could shape how Sipp misselling claims are handled in the future. In the case, which started today, lorry driver Russell Adams alleges Carey Pensions missold him a self-invested personal pension. Carey Pensions is accused of using unregulated introducers to invest Adams’s […]
Studies have found funds can be too big or too small to outperform, suggesting size does matter The assessment of whether to invest in a certain fund is a tricky business. Bearing in mind roughly 90 per cent of active funds do not beat their benchmarks over periods longer than 10 years, the odds are […]
The following sorry verse embodies procrastination on a whole new level: “Hello there, my name’s Phil; I rap like a small bear writing a will [diligently]; Estate-planning, ninja-whooping IHT; Shame I’m not as bizzie [urban affectation] with the RLP.” These words were penned in response to my father’s short verse sent to me, after the […]