View more on these topics

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


M&G shuns sterling and dollar

M&G’s cautious multi-asset fund is focusing its fixed-interest exposure on currencies such as the euro and yen because these are stronger than sterling and the dollar.


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