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Watchdog staff need knowledge to judge us

I have been banging on for years about the lack of qualifications of those who seek to judge what I and my fellow professionals do in our daily lives in dealing with clients.

Alan Lakey’s comment in Money Marketing exemplifies the overpaid (£2.061m) internal staff costs and under-qualification (£643,000 in consultancy fees) that will result only in consumer detriment (the 95 per cent of consumers who earn less than £31,000 a year.)

Will you please take the opportunity to persuade ministers that the new regulator, preferably headed by somebody who knows what they are about (Evan Owen would be a good choice) employs only people with suitable qualifications and experience on salaries that match the task in hand and that external consultants are barred from anything other than extremely specialised areas of consultation.

In that way, the public will get value for money and we might return to a position where we can spend time giving clients service rather than filling in bureaucratic forms.

Terence O’Halloran
O’Halloran & Co
Chartered financial planner



Alpha 2 Omega ARs chased for fees and PI payments

Former Alpha 2 Omega ARs are being chased over regulatory and PI payments that were not made to the network which is now in administration. Law firm Callaghans is understood to be chasing advisers for various payments, including FSA fees and PI insurance payments, that it believes are outstanding. Letters have been sent to advisers […]

ACA says 41% of larger employers considering levelling down

The Association of Consulting Actuaries has warned that 41 per cent of larger employers are considering levelling down existing pension arrangements due to auto-enrolment. The ACA’s findings contrast with recently released research from the Department for Work and Pensions downplaying this risk. Last month the Department of Work and Pensions released survey results revealing that […]


FSA cop-out

Some of the comments and proposals in last month’s FSA paper on responsible lending, CP10/16, are entirely sensible but others are downright dangerous, with the potential for considerable consumer detriment. Making proposals that it admits will hurt some consumers is an interesting way of fulfilling the FSA’s statutory responsibility for consumer protection. It claims that […]

A DGT with 100% access and 100% discount?

Clare Moffat, Technical Manager, looks at the benefits of pensions from an IHT perspective. 100% access and 100% discount – what type of wrapper could this be? A pension! Post flexibility there is 100% access (for those over 55) and normally pensions are inheritance tax (IHT) free. With flexibility the options available on death mean […]


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