View more on these topics

Wall of silence on RDR cost


I am amazed at the silence with which the industry has reacted to the announcement that RDR industry costs had multiplied (not just increased by, say, 5 or 10 per cent, which would have been bad enough) but by a factor of three to five times, if I remember correctly. An extra 300 to 500 per cent and a wall of silence.

I make no comment here about the good or the bad elements of the RDR but can anyone tell me about another “project or development” anywhere in industry or commerce where costs increases of this magnitude would not at the very least have caused that project to be revisited and restructured to reduce those costs or even – dare I say it – be kicked out and some serious conversations held about this year’s bonuses.
What respect can we have for a system that purports to proceed on the basis of cost benefit analysis that does not automatically review the project when an error of this magnitude surfaces?

I am probably wrong but this smells badly of the “this is what we are doing, we are just bulldozing on” attitude. That may or may not be true but it taints the relationship between regulator and regulated.

Alastair Lyon


Exchange aims to help with buying and selling IFA firms

Bankhall is launching a new service to support adviser firms looking to buy other IFA businesses, as well as those leaving the market. IFA Exchange, available to members and non-members of Bankhall, will offer expanding firms access to an acquisition consultancy team and provide guides covering the legal and regulatory issues involved. Advisers can get […]

A bull case for US equities?

Neptune video: a bull case for US equities?

Watch Felix Wintle, head of US equities at Neptune, discuss why he believes US equities are in a structural bull market and the key factors that can drive the S&P 500 higher.

In the video, Wintle addresses the following:

• The US market and why — despite equities rising from 2009 — he believes the structural bull market only started in 2013
• Key economic and corporate factors that can drive the S&P 500 higher
• Investment themes and sectors offering exposure to the domestic recovery


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. There is NO other field of industry or commerce in which cost increases of this magnitude, i.e such a massively inaccurate cost:benefit analysis, would be tolerated.

    The core of the problem is that the FSA is effectively accountable to no one. It is even permitted to ignore completely the Statutory Code of Practice For Regulators. Statutory, of course, means in statute and thus the Law of the Land. From this, we may reasonably infer that the FSA is allowed freely to act without regard for the Law. It routinely breaches the Statutory Code (the Law) but no agency of the Law makes any attempt to hold it to account.

    A legal challenge from any private firm or individual with the wherewithal to fund it would be fought using money extorted from the very people who would be challenging the FSA’s actions against them. Surely, that in itself is against, at the very least, natural justice?

    The FSA sets its own agenda and anyone who disagrees can either go jump off a cliff or simply be trampled over and crushed like some tiresome and inconsequential insect.

    Yet this tyrant quango is what Gordon Brown has described as “a world class regulator”. How much more out of touch could the man possibly be?

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