View more on these topics

Tories will probe FSA treatment of advisers

The Tories are setting up their own committee of experts to scrutinise any heavy-handed treatment of IFAs by the FSA.

The committee will focus on the way in which the Government has increased the regulatory burden on business in general but one of its main focuses will be the powers of the new regulator. The plan was revealed by Conservative Shadow Industry Secretary David Heathcoat-Amory at the Tory Party conference this week.

Heathcoat-Amory said he is convinced regulatory red tape must be cut if IFAs are to survive.

He argues the Financial Services and Markets Act underpinning the FSA has the potential to create a super-regulator with few checks on its power. He also believes the way the regulator is deciding the fate of polarisation is an example of the FSA taking responsibility for something which should be debated in Parliament.

He says: “IFAs are often at the receiving end of a lot of form-filling and regulation, which may save the backs of the regulators when things go wrong but actually ends up in danger of making financial advice more expensive, to the detriment of the consumer.

“On polarisation, there has been no Parliamentary debate and we will probably be presented with a fait accompli. It is a critically important debate, and it should be held in committee and possibly on the floor of the house. These matters should not be decided behind closed doors.”


Money Marketing: Faith, hope and clarity

With most of the industry representatives indicating some amendment to the polarisation regime is likely to happen, white labelling or gap-filling appears to be in pole position.This does not mean change is inevitable because when it comes down to the nitty-gritty it may prove too difficult to change the regime when the regulator has so […]

The missing m-link

Regular readers of this column may recall that at the beginning of June I looked at the new m-link service from Misys Interactive Trading. At the time, I formed the view that, while the service was relatively simple and straightforward to use, there were still a number of teething problems and, frankly, insufficient life offices […]

L&G in stakeholder deal with print groups

Legal & General has been chosen as the sole provider of stakeholder pensions to members of the Printing Industry Pension Scheme.The annual management charge will start at 0.87 per cent of funds under management, with scope for further reductions built in by the IFA firms servicing the schemes, Meridan and RSM Robson Rhodes.Pips is co-sponsored […]

Merricks wants to take part in PI forum

Chief Ombudsman Walter Merricks says he wants to take part in Aifa&#39s PI forum.Merricks spoke out against PI insurers for souring his relationship with IFAs at the rec-ent Aifa conference. He claims they encourage IFAs to “admit nothing”.He says he wants more involvement with PI insurers to allow open dialogue and he believes it can […]

US loan growth is not painting a pretty picture for the US economy

Written by Mike Riddell One of the current big debates in global financial markets is whether investors should believe ‘hard’ rather than ‘soft’ data, where the usually reliable business and consumer surveys have been suggesting strengthening in global growth momentum for some time now, while the economic data that feeds through into the Gross Domestic […]


News and expert analysis straight to your inbox

Sign up


    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 advice.

    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