View more on these topics

Watchdog critic leads FSA review of sustainability

The FSA has unveiled the full line-up of the industry figures who will lead the five working groups feeding into the retail distribution review.

HBOS chief executive insurance and investment division Jo Dawson will head the sustainability of the distribution sector committee and Royal London chief executive Mike Yardley will chair the impact of incentives group.

Royal London subsidiary Scottish Life has been a leading critic of the damage that so-called “churning” has done to the market.

Dawson was recently heavily critical of the Financial Ombudsman Service’s effect on the industry, describing it as often the “most powerful force in the regulatory arena” and attacking hind-sight regulation.

Thinc Group group corporate director Roderic Rennison will lead the professionalism and reputation committee and Aegon chief executive Otto Thoresen will chair the consumer access to financial products and services group.

The final committee, looking at regulatory barriers and enablers, will be run by FSA director of retail policy Dan Waters.

Sesame chief executive Patrick Gale, Positive Solutions chairman David Harrison, MLP Private Finance chief executive John Baxter, Tenet chief executive Simon Hudson and Professional Partnerships partner Gill Cardy will all take part in the various committees.

The FSA says that the role of each group is to reach broad consensus on the issues to be addressed, identify industry solutions and the barriers to the solutions and engage the distribution market to achieve the solutions.

FSA managing director of retail markets Clive Briault says: “The retail distribution review will act as a catalyst to improve the efficiency of the distribution of retail investment products and achieve better outcomes for consumers as a result.

“The industry has serious challenges to face from economic and market pressures as well as from complying with regulatory standards. The review will consider the bigger picture and the five priorities will not be viewed in isolation. We favour market solutions and are looking to facilitate an industry-led outcome.”


Falcon committee will oversee Brunel Fofs

Falcon has set up a investment committee to oversee its Brunel fund of funds range to ensure their investment objectives are met, citing the furore over the Fidelity special situations split as a situation it aims to avoid.Head of investment solutions Piers Denne will chair the committee, which comprises 12 senior IFA members of the […]

Standard Life chief apologises for racist blunder

Standard Life life and pensions chief executive Trevor Matthews has apologised after a member of staff complained about his public use of a racist phrase.Matthews used the phrase while addressing over 550 Standard Life staff at a meeting organised by Amicus yesterday in Edinburgh to discuss changes over the company pension scheme. In response to […]

Lords committee to investigate FSA

A House of Lords select committee has been set up to investigate the FSA. The probe will explore the working methods of the regulator and their effectiveness.


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