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We have never felt victimised by the FSA

I could not help but notice the article in Money Marketing about Ros Altmann, FSA against small advisers.

I do not believe Ros is correct in her conclusions. The trouble with any regulator is they are damned if they do and damned if they don’t.

IN Partnership has over 450 advisers and we have never felt “victimised” by the regulator or anybody else.

I would urge Ros to study figures from Aifa on how much of a market share we, IFAs currently enjoy, for example:

1: 98 per cent of consumers who have an IFA say it is their IFA who they trust most to offer financial advice.

2: IFAs account for 62 per cent of all regular-premium sales and 66 per cent of single-premium sales in the life industry.

3: In 2006, IFAs advised consumers invested in excess of £50,000 million pounds in regular and single financial services products representing two-thirds of all the UK’s total.

4: The typical household has a shortfall in their protection cover of around £52,000 in the event of unforeseen unemployment or critical illness. What a fantastic opportunity.

In addition, we have Clive Briault as a non-executive director on our board of directors. Clive was manag­ing director of the retail services division at the FSA for four years.

The directors at IN Partnership have never experienced any ill feeling by the FSA towards IFAs. Look at the large fines imposed by the FSA on the banks. I could go on and list further examples but then perhaps the big banks and life insurers may lobby the FSA and try to make an argument that the FSA is against big banks I rest my case.

Kevin McDonagh
Group Chief Executive
IN Partnership

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